Down -9.2% YoY in June, China led the decline with only 83Mt as the government pushes to curb overcapacity.
Despite a -2.2% or -12 Mt drop to 515 Mt in 1H’25, deeper cuts are expected as China was reported to have to reduce its steel output by 90 Mt in 2025 to meet green targets. Elsewhere in June, trends diverged: India surged +13.3% YoY, the US rose +4.6%, while Japan and Russia declined -4.4% and -7.4%, respectively.
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