Crude steel urea production decreased by 3.0 percent globally and by 21.0 percent in Turkey in August.
The World Steel Association (Worldsteel) announced that global crude steel production in August was 150.6 million tons, down 3.0 percent compared to the same period last year.
According to Worldsteel data, China's crude steel production rose 0.5 percent to 83.9 million tons. In the same period, India's production increased by 1.2 percent to 10.2 million tons, Japan's production decreased by 7.4 percent to 7.3 million tons, and the US production decreased by 7.1 percent to 7.0 million tons.
Turkey's production was determined as 2.8 million tons with a decrease of 21.0 percent in the same month.
In the first 8 months of the year, global production decreased by 5.1 percent to 1.25 billion tons, while production in Turkey decreased by 8.8 percent to 24.4 million tons.
"Everybody is running out of stocks"
Adnan Öztürk, Chairman of Virtus Steel, said, “There is a very serious contraction in demand. Prices have dropped dramatically. So everyone is running out of stocks. White goods and automotive, motor items in the top sector of the steel industry. Since we have seen a slowdown there as well, we are currently going through a period of very calm and low demand. I think it will continue like this for a little bit longer."
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