Asia's steel production fell 7 percent in January

According to the latest figures released by the World Steel Association, crude steel production in Asia fell 6.9 percent this year during January 2016, up from the same month a year earlier.

China's total crude steel production in January this year was 63.214 million tons (based on CISA estimates), down 7.8 percent from 68.581 million tons in January 2015. India produced 7.418 million tonnes of steel, slightly down 1.2 percent from 7.506 million tonnes achieved in January 2015.

Japan posted a 2.8 percent decline in steel production for the month. Steel production in Japan fell from 9.022 million tons in January 2015 to 8.772 million tons in the same month this year.

South Korea's steel production in January of this year fell 4.5 percent to 5.667 million tons, down from 5.932 million tons in January 2015. Meanwhile, Pakistan's steel production totaled 255,000 tons within a month. As a result, the country's steel production rose by almost 27 percent year on year during January 2016.

Taiwan steel production in January 2016 fell significantly, down 19.5 percent year on year, to 1,600 million tonnes, up from 1,987 million tonnes in the same month last year. In addition, Thailand's steel production fell sharply by almost 32 percent from 367,000 tonnes in January last year to 250,000 tonnes this year.