Global crude steel production fell by 0.7% y-o-y in January-June to 931.5 million tonnes (mnt), as per latest data from the World Steel Association (WSA). Production during the period was majorly affected due to the prolonged real estate crisis in China and the US-Iran war which had a severe impact on steel production in the Middle East. Geopolitical conflicts drove freight and fuel costs higher which affected steel production and demand.
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