Monthly Industry Briefings > Monthly Industry Forecasts > Basic Metals

Chinese crude steel production bounced back in February following a slump in January. The drop in January was expected as it was the first month that steel exports did not enjoy export rebates following their abolition in December. Nonetheless the outlook for steel production, particularly for smaller less efficient mills, appears dim, with the government pledging to make it easier for these plants to close. Elsewhere, in much of the developed world, crude steel production for February showed a seasonally adjusted month-on-month decline. Output in the US dropped a sharp 7.5% while production in most of Western Europe also contracted. Japanese output, though, ticked up 0.6% on a seasonally adjusted month-on-month basis.