China steel output falls as US raw steel production modestly rises

China's crude steel production dropped 2.5% year‑on‑year in May 2026 to 84.4 million tonnes, while pig iron fell 1.5% and rebar margins stayed near a decade low. Domestic iron ore output slumped 13.5%, yet seaborne iron ore arrivals rose 4.8% year‑to‑date to 636 million tonnes, driven by Brazil and Australia, leaving global iron‑ore inventories in surplus at about 160 million tonnes. Analysts note a potential downside risk if new Chinese steel export tariffs are introduced.

In the United States, raw steel output ticked up 0.8% in the week ending 4 July, reaching 1.856 million short tons, up 14,000 tons from the prior week but still below the six‑year peak of 1.898 million short tons recorded in mid‑May. Year‑to‑date production now totals 48.112 million short tons, 6% higher than a year earlier, with capacity utilization climbing to 80.4% and regional gains in the Great Lakes, Midwest and South regions.