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On 15 July 2023, South Africa's Trade Minister extended the ban on certain scrap metal exports for another six months, following a consultation with industry.
Global crude steel production witnessed a 2.4% decrease in April 2023 compared to the same month in the previous year, while Africa's production increased by 4.8%, led by South Africa, Libya, and Tunisia.
Global crude steel production increased by 1.7% in March 2023 compared to the previous year, with Africa, Asia/Oceania, and Russia/CIS/Ukraine showing growth, while South America, Europe, other, the Middle East, and North America experienced declines.
The UK government is exploring a carbon border adjustment mechanism (CBAM) and mandatory product standards to address carbon leakage risk and reduce emissions from imports, impacting sectors like iron and steel.
In February 2023, South Africa saw a significant increase in imports of primary carbon and alloy steel products, with profiles and flat steel products being the major contributors. Compared to the previous year, imports surged by 23.7%.
Megatrends such as urbanisation, technological progress, and climate change will shape the future of the global steel industry, requiring adaptation and investment in innovation and sustainability.
The U.S. Department of Commerce has found that revoking antidumping duties on steel wire rod from multiple countries would likely lead to continued dumping. Dumping margins range from 4.44% to 756.93%.
Global crude steel production decreased by 1.0% in February 2023 compared to the same month in 2022, with China as the top producer. Europe and Türkiye saw significant decreases.
South Africa's economy contracted by 1.3% in Q4 2022, worse than expected, due to rolling blackouts. Recovery for critical sectors is slow, affecting steel industry performance.
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