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In May 2024, South Africa’s crude steel production declined by 9.8% compared to May 2023, following a substantial 17.3% year-on-year decrease in April 2024. This marks a troubling trend for the second quarter of 2024.
February 2024 saw a 17.0% surge in South Africa's crude steel production, marking four consecutive months of double-digit growth and highlighting industrial resilience.
Global steel production decreased in January 2024, but Africa saw a notable increase. South Africa's steel output surged by 24.8%. The trade balance improved in 2022 but worsened in 2023.
The current landscape poses formidable challenges for crucial steel-consuming sectors, namely construction, manufacturing, and mining. Persistent logistics challenges have disrupted the smooth flow of raw materials and finished goods, introducing delays and additional costs into the supply chain.
Proposed amendments to the Second-Hand Goods Act in South Africa will impact the scrap metal industry, with changes including registration requirements and enhanced reporting. Stakeholders should stay informed and participate in the discourse.
Worldsteel's latest report predicts a recovery in steel demand, with a projected growth of 1.8% in 2023 and 1.9% increase in 2024, driven by infrastructure investment and emerging markets.
South Africa's SARS increases customs duties on stainless steel flat products to WTO bound rate of 10%, aiming to bolster domestic industry against unfair competition concerns.
The EU and US navigate a steel trade saga stemming from tariffs initiated by the Trump administration. Potential interim deal targeting non-market practices impending.
On August 2, 2023, the USITC determined that revoking countervailing duty orders on carbon and alloy steel wire rod from Italy and Turkey, and antidumping duty orders from multiple countries, would likely cause continued or renewed harm to the US industry.
Extension of the price preference system on the exportation of ferrous and non-ferrous waste and scrap metal.
Global steel production in the first half of 2023 decreased by 1.1%, with African production led by South Africa, Libya, and Tunisia showing a 4.1% increase during the same period.