In February 2023, global steel production continued to decline, although the rate of decline was no longer so high. During this period, 142.4 million tons of steel were smelted, which is 1% less than the total of February 2022, and 2% less than January 2023.
This is stated in issue No. 1516 of the monthly bulletin "Branches of the Russian economy: production, finance, securities. Ferrous and Non-ferrous Metallurgy" of the AK&M News Agency.
In total, in the first two months of 2023, 297.8 million tons of steel were smelted in the world — 0.8% less than in the same period of 2022. Moreover, 57% of the total volume was accounted for by China — the share of this country in global smelting has increased again. It is also worth noting that 54 countries that are not among the ten largest steel producers occupy only 12% of the world's smelting.
In January-February, Russia reduced steel production by 5.4% to 11.7 million tons compared to a year earlier, retaining fifth place among metal–producing countries (according to WSA). In the USA during this period, metal production decreased by 5.6% to 12.6 million tons, Japan reduced smelting by 6.1% to 14.1 million tons, South Korea — by 1% to 11.1 million tons. At the same time, China increased steel production by 5.6% to 168.7, India — by 1% to 21.3 million tons and Iran — by 21.1% to 5.1 million tons. At the same time, Iran rose to ninth place in the rating of steel producers and overtook Turkey, which dropped from eighth to tenth place. In February, 5.6 million tons of steel were smelted in Russia — 8.6% less than a year earlier.
The European Union is reducing smelting more than other regions. Steel production in the region decreased by 14.3% in January-February 2023. During this period, 20.7 million tons of steel were smelted in the EU. At the same time, metal production in February decreased by 12.6% compared to the same period last year, and increased by 1.9% compared to January 2023.
Since the beginning of 2023, world prices for most types of rolled products have begun to rise, provoked by positive expectations in the Chinese economy. It is also associated with a sharp rise in the price of iron ore since December.
The United States, Great Britain, New Zealand and Canada imposed new sanctions against Russia on February 24. The European Union imposed sanctions on February 25. A list of industrial and technological goods, including equipment and components for metallurgy and metalworking, fell under the sanctions. In addition, the projects of Russian metallurgists in the United States were threatened. According to the Financial Times, stocks of Russian metal are growing on the London Metal Exchange (LME). At the same time, the exchange believes that the growth of these stocks has not yet reached the level when it is necessary to take measures.
The US has imposed a 200% duty on the import of aluminum products from Russia since March. From April 10, a 200% duty on the import of aluminum products will be introduced if any amount of primary aluminum used in their production is smelted in Russia or aluminum products are cast in Russia. Tariffs of the non-most favored nation regime have been increased to 70% for certain aluminum products of Russian origin, as well as other metals (including copper, lead and nickel). The LME Exchange has decided to suspend operations with Russian aluminum, copper, nickel, lead and secondary aluminum alloy NASAAC in warehouses in the United States.
This is stated in issue No. 1516 of the monthly bulletin "Branches of the Russian economy: production, finance, securities. Ferrous and Non-ferrous Metallurgy" of the AK&M News Agency dated March 29, 2023.
