South African steel production rises 9.9% year on year in September
SA’s steel production grew 9.9% year on year in September to 556,000 tonnes, after surging by 24.4% in August, and following July’s 6.3% decline and June’s 15.9% plunge, according to the World Steel Association.
The 8.2% rise in steel production in the third quarter may indicate that GDP growth in the second half of 2017 could be far higher than the 1.1% increase achieved in the first half of the year, when steel production declined on the year before.
The rebound in steel production is reflected in the fourth consecutive month of year-on-year increases in new vehicle sales, as well as vehicle exports. The September rise in steel production was foreshadowed by the 11% increase in new vehicle exports to a record 36,359 units.