In March 2023, global steel production almost returned to the level of last year. According to the World Steel Association, 165.1 million tons of steel were smelted during this period — 1.7% higher than the total in March 2022 and 15.9% higher than in February 2023.
This is stated in issue No. 1521 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 three months of 2023, 459.3 million tons of steel were produced in the world — 0.1% 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 top ten steel producers occupy only 12% of the world's metal production.
In the first quarter, Russia reduced steel production by 1.3% to 18.7 million tons compared to a year earlier, retaining fifth place among metal–producing countries (according to WSA). In the USA during this period, steel production decreased by 4% to 19.4 million tons, Japan reduced smelting by 6% to 21.6 million tons, South Korea — by 1.5% to 16.7 million tons, Germany — by 5.8% to 9.2 million tons. At the same time, China increased metal production by 6.1% to 261.6 million tons, India — by 3% to 33.2 million tons. In March, 6.6 million tons of steel were smelted in Russia — by 0.4% more than a year earlier.
Since the beginning of 2023, the price of gold has increased by 9.8% to $2,004.65 per troy ounce (as of May 3) against $1,826.2 as of December 31, 2022. Precious metal prices rushed to new heights due to strong fluctuations in financial markets, marked by the collapse of a large investment bank in Silicon Valley and the emergency takeover of Credit Suisse by its Swiss competitor UBS. Precious metals also began to rise in price after statements by the head of the US Federal Reserve Jerome Powell about a likely slowdown in the rate hike at the next meeting. Also, the rise in gold prices is fueled by the stagflation of the global economy.
The index of production in the extraction of metal ores in Russia in March 2023 decreased by 3.8% compared to March 2022, but increased by 11.3% compared to February 2023. In general, in January-March 2023, the index also fell by 3.8%. The production of iron ore concentrate in March amounted to 7.9 million tons (-9.9%), and the output of lead concentrates increased by 9.4%.
The index of metallurgical production in Russia in March 2023 increased by 8.0% compared to March 2022, and by 17.1% compared to the previous month. For the first quarter of 2023, the index increased by 2% compared to January-March 2022. According to Rosstat, in March 2023, 6.6 million tons of steel of all types were smelted in Russia — this is almost at the level of 2023. The production of cast iron increased by 0.6%, and the output of rolled ferrous metals — by 3.3%. Currently, Russian metallurgical capacities are loaded by 90-95%, Deputy Minister of Industry and Trade Viktor Yevtukhov told reporters.
This is stated in issue No. 1521 of the monthly bulletin "Branches of the Russian economy: production, finance, securities. Ferrous and Non-ferrous Metallurgy" of the AK&M News Agency dated May 03, 2023.
