The global demand for steel witnessed 5.5% growth in Q2 2021 when compared to Q1 2021, and also grew by 18% from Q2 2020. The post-lockdown recovery in steel demand has been stronger than initially anticipated, for most of the nations. China, the world’s largest steelmaking nation, produced 291.3 Mt of crude steel in Q2 2021, an increase of 7% compared to Q2 2020. Globally, the price of steel increased by 4% in Q2 2021, as compared to Q1 2021. The figure below depicts the change in demand and change in the price of steel over the past five quarters.
Source: World Steel Association, Lucintel
Figure 1: Global Quarterly Steel Shipment and Price Trends
North America
Production of crude steel in the United States grew by 3.9% in Q2 2021, when compared to Q1 2021. However, US crude steel production increased by 46.2% in Q2 2021, as compared to Q2 2020. Although housing starts in the US declined by 0.8% during Q2 2021 from Q2 2021, bouncing back of industrial activities lead to recovery of steel demand.
Europe
In terms of the production of steel in the European region, data indicates an increase of 4% in Q2 2021, when compared to Q1 2021. European steel market increased in Q2 2021 due to growth in various end use industries including construction, transportation, and industrial applications. In terms of prices, the European region registered an increase in the prices of crude steel during Q2 2021 compared to Q1 2021.
APAC
In Q2 2021, production of crude steel in the Asian region grew by 6% compared to Q1 2021, while it grew by 25% when compared Q2 2020. Countries like China, India, and Japan produced around 342.5 million metric tons of crude steel during Q2 of 2021, which is 6% up from the Q1 of 2021. Among all the Asian countries, China has generated a significant increase in crude steel production of more than 290 Mt; this is an increase of 7% compared to the end of Q2 2020. The growing demand for steel is supported by the growth of end use industries, while the price of steel in the same period is surged due to supply chain constraints.Enable GingerCannot connect to Ginger Check your internet connection
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