“China’s output of crude steel hit an all-time monthly high of 92.2 million metric tons (mmt) in May,” Radio Free Asia reports today, adding that this is the first time production rose above 90 mmt. There was a 4.2% gain in May, and the surge continued in June, with a record average daily output of 3.05 mmt. Ramtanu Maitra notes to EIR: “Here is a reminder: Prior to COVID-19 invasion, the U.S. could produce no more than 6.5 mmt in one month, Japan about 9, India about 8.5 mmt. Get the picture?”
At this rate, China will surpass 1 billion mmt this year. Radio Free Asia notes that China’s steel industry “has relied almost entirely on the domestic market with little help from exports as foreign producers remained stuck in the pandemic slump. In the first six months, China’s steel exports of 34.4 mmt dropped 16.5% as June shipments sank to an eight-year low.”
