According to data released on June 23 by the World Steel Association, global crude steel production in May 2026 edged down 0.3% year-on-year to 157.9 million tons. Total output for the first five months of 2026 reached 773.1 million tons, reflecting a 1.5% decline compared with the same period last year.
China, the world's largest steel producer, recorded a 2.7% year-on-year decline in May output to 84.4 million tons, with cumulative production falling 3.9% to 415.5 million tons. In contrast, India and the United States continued to show solid growth, highlighting increasing divergence in global steel production patterns. India produced 14.1 million tons in May (+1.9%), while U.S. output rose to 7.5 million tons (+9.2%). North America overall surged 15.6%, whereas the EU-27 slipped 0.4%, indicating persistent demand weakness in Europe.
Industry observers from Carbon Trust Asia noted that the global transition toward "green steel" remains constrained by the lack of unified carbon accounting standards, high decarbonization costs, and limited scalability of hydrogen-based steelmaking technologies.
On the demand side, China's domestic steel consumption remains under pressure despite strong export performance in automobiles, machinery, and home appliances. Exports continue to be the key support for steel demand amid weakening domestic consumption indicators.
Meanwhile, Vietnam's Hoa Phat Group has commissioned a new 5.5 million-ton hot-rolled coil production line, further intensifying competition in the Asian steel market.
