World crude steel production fell 3 percent year on year to 150.6 million tons in August, according to data released by the World Steel Association.
Chinese mills produced 83.9 mt of crude steel in August 2022. Since September and October will be the peak season for construction activities, factories continued their activities with better demand in the domestic market.
Also, as India has been less active after the Indian government imposed a 15% export duty on various steel products in May, China has begun to explore new markets for exports. For example, steel exports from China rose 22% year-on-year to 6.15 mnt in August 2022, from 5.05 mnt in August 2021.
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