If you want proof on just how important China is when it comes to global bulk commodity demand, this chart is surely it.
From the World Steel Association (worldsteel), it shows global crude steel production, breaking down the figure by output from China and abroad.
In April, China produced more steel than the rest of the world world combined.
And the differential wasn’t small.
According to worldsteel, China produced a mammoth 76.7 million tonnes of steel, up 4.8% from 12 months earlier. It was the highest level on record.
In the first four months of the year, Chinese output swelled to 289 million tonnes, up 5% on the same period a year ago.
In contrast, output outside of China stood at just 71.6 million tonnes in April, up 3.4% from 12 months earlier. So far this year, output outside of China has risen to 286.2 million tonne, up 3.1% from the same period in 2017.
When it comes to an individual nations, let alone the rest of the world, China remains the key player when it comes to demand for commodities such as iron ore and coking coal, two of steel’s key raw ingredients.
You can find information on output from individual nations and regions here.
Worldsteel tracks data from 64 individual nations, accounting for approximately 85% of global steel production.
Source: Business Insider
Yaang Pipe Industry Co., Limited (www.yaang.com)