No significant increase in stainless steel output expected this year
Jamie Milnes, MEPS:
Demand for stainless steel is weakening in most parts of the world. MEPS (International) Ltd forecasts global crude production virtually unchanged at 28 million tonnes in 2008. Western World output is expected to decline by 300,000 tonnes this year.
Domestic supply by the EU mills was down in the first quarter by almost 4 percent compared to the same period in 2007. Inventory building in the second half should lead to a figure for the full year at a similar level to that in the previous twelve months.
Japanese production was 10 percent lower, year on year, in the first trimester. Further output curbs are being put in place in mid-year. However, inventory replenishment may occur in the latter months - leaving the annual crude outturn 4 percent down on 2007.
US domestic output held up quite well during the first quarter. This situation should continue for the remainder of this year. The import threat was limited in the early months but may increase slightly. Nevertheless, we predict a similar outturn in 2008 to that recorded in the previous year.
South Korean stainless steelmaking fell significantly in the first quarter. Posco will reduce output in July. Further curbs are anticipated later in the year because domestic demand is weak and export potential lacklustre. Taiwanese producers are also decreasing the level of supply to the market. A 5 percent reduction is forecast for 2008 relative to 2007.
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May 2008 crude steel production
World crude steel production for the 66 countries reporting to the International Iron and Steel Institute (IISI) was 119.5 million metric tons (mmt) in May. This is 5.8% higher than the same month last year.
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ArcelorMittal plans to double output of Temirtau, Kazakhstan, plant
ArcelorMittal announced its plan to expand the steelmaking capacity of its Temirtau in Kazakhstan plant from 5 to 10 million t/a. The expansion project encompasses steel making, iron ore and coal extraction. For the steel plant, the plan is to modernize existing facilities with latest technologies and safety and environmental standards.
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Jami Milnes, MEPS:
World steel production to rise by 5.6 percent this year
MEPS forecasts crude steel production in 2008 at 1420 million tonnes - 5.6 percent up on the outturn in the previous twelve month period. This rate of growth is below the year earlier figure of 7.6 percent, due in part to the weaker global economic climate and an anticipated reduction in the rate of steel output expansion in China.
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Jamie Milnes, MEPS:
Another record year for global steel production in 2008
MEPS forecasts world steel production in 2008 at 1420 million tonnes. This equates to a 5.7 percent increase on our predicted outturn of 1343.5 million tonnes in 2007. Over the past twelve months demand continued to be firm, with output rising by approximately 7.5 percent.
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Freeze hits Chinese steel production
Chinese steel mills are cutting production in response to electricity shortages that are currently plaguing the country. Freezing weather conditions have increased demand for coal and the government is slowing manufacturing activity to ensure sufficient power is available for domestic heating and essential services.
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World crude steel output increases by 7.5% in 2007
The International Iron and Steel Institute (IISI) has announced that world crude steel output reached 1,343.5 million metric tons (mmt) for the year 2007. This is an increase of 7.5% on 2006.
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