Below is a list of planned US steel sector second quarter earnings conference calls. The US Steel date has not yet been announced.
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Based on reported import licenses, US flat products imports fell 10% from 586,000 short tons in June 2019 to 527,000 tons in June this year. Cold rolled import licenses fell by the largest volume on last June’s actuals (-49,000 tons), followed by hot rolled imports (-42,000 tons) and cut plate (-13,000 tons). Hot dip galvanized import licenses, however, rose 45,000 on last June, mainly due to higher licenses from Brazil.
Based on January to May imports and June import licenses, US flat products imports in the first six months of 2020 were 19% lower than in the same period last year with cut plate imports down 44%, cold rolled imports down 22%, hot rolled imports down 19% and hot dip galvanized imports down 11%.
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Worldsteel reported crude steel production in China at 92.3 million metric tonnes in May, 4.2% higher than in May 2019. Chinese production in the first five months of 2020 was 1.8% higher than in the same period last year.
Data from the General Administration of Customs show Chinese net finished steel exports (exports minus imports) in May were 3.1 million tonnes, 34.4% lower than in May 2019. Net exports in the first five months of 2020 were 19.3% lower than in the same period last year.
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Worldsteel published May world crude steel production today. World steel output was 148.8 million metric tonnes, 8.7% lower than in May 2019. Crude steel production in the first five months of 2020 was 5.4% lower than in the same period last year.
As in April, China accounted for 62% of world output in May. Chinese production was 92.3 million tonnes, 4.2% higher than in May 2019. Asian output outside of China fell 26.5% due mainly to a 39.1% drop in India, a 31.8% fall in Japan, and a 14.1% decline in South Korea.
European Union crude steel production fell 26.8% on May 2019 with the largest volume declines coming from Italy (-43.6%), Germany (-18.9%), France (-36.5%) and Spain (-33.7%). In North America, US production fell 36.6%, Canadian output fell 19.6% and Mexican production fell 13.2%.
Other significant changes around the world compared to last May include declines in Turkey (-25.8%), Brazil (-22.6%), and South Africa (-95.1%).
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Based on reported import licenses, US long products imports fell 14% year-on-year from 331,000 short tons in May 2019 to 286,000 tons in May this year. The decline was mainly due to lower parallel flange sections imports from South Korea, Luxembourg, and Taiwan.
Based on January to April imports and May import licenses, long products imports so far this year were 18% lower than in the same period last year with the largest import volume declines coming from wire rod (-30%), parallel flange sections (-41%), and rebar (-7%).
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In its latest Short Range Outlook (SRO), published June 4th, Worldsteel revised its steel demand growth forecast for 2020 downward due to the Covid-19 crisis. The revision lowered estimated demand growth between 2019 and 2020 from 1.7% in its October 2019 SRO to -6.4% in the June 4th figures.
China accounted for 51% of world steel demand in 2019 and is expected to account for 55% of world demand in 2020 and 53% in 2021. Chinese steel demand is forecast to rise by 1.0% in 2020 and 0% in 2021.
After a 1.5% decline in 2019, steel demand outside of China is expected to fall by 14.2% in 2020 and to rise by 8.6% in 2021. Asia and Oceania demand outside of China is expected to decline by 10.5% in 2020 and rise by 5.6% in 2021. European Union demand is expected to decline by 15.8% in 2020 and rise by 10.4% in 2021. NAFTA demand is expected to decline by 20.0% in 2020 and rise by 6.2% in 2021.
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