Depreciating Russian Rouble Offsets Financial Losses of Steel-Makers
In 2016, political and economic events have continued to have a lasting effect on the global metals market. Instability and the resulting lack of confidence can be felt both locally and internationally.
The trends from 2015 have resulted in metal products oversupply and weaker demand that has triggered a further decrease in steel prices, with prices in the steel and iron market hitting a 10-year low:
- In 2015, the global output was down 2.8 percent to 1,613 million tonnes
- In 2015, the global consumption of steel was down 3 percent to 1,500 million tonnes
During the first five months of 2016, global steel output was 667 million tonnes, down 1 percent on the same period in 2015.
Although the manufacturing geography has generally remained the same, the amount of steel produced by the top-10 leaders over the first five months of 2016 is down 2 percent.