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In January 2024, global crude steel production saw a 1.6% decline, notably with China's output plunging while India's surged. Turkey and Iran witnessed remarkable production spikes, contrasting with modest increases in Russia, South Korea, and Japan. Meanwhile, the US, Germany, and Brazil experienced declines. Regional trends varied, with Africa and Europe (Others) showing notable increases, while Asia, Oceania, and South America faced decreases. Despite these shifts, the World Steel Association predicts a 1.9% growth in global steel demand for 2024, indicating resilience and potential amidst dynamic market dynamics.

Highlights

Global crude steel production declined: In January 2024, global crude steel production dropped by 1.6% compared to the same period in 2023, totaling 148.1 million tonnes (mt), down from 150.6 mt.

China's output plunges: China, the leading producer, experienced a significant decrease in output, with a 6.9% drop to 77.2 mt in November compared to the previous year.

India's production rises: In contrast, India reported a 7.3% increase in production, reaching 12.5 mt.

Notable increases: Turkey's production surged by 24.7% to 3.2 mt, while Iran's production soared by 39.3% to 2.6 mt.

Mixed performance: Russia saw a modest increase of 1.2% at 6.2 mt, while South Korea and Japan experienced slight increases of 1.5% and 0.6%, respectively.

Declines in the US, Germany, and Brazil: The United States and Germany witnessed declines of 0.3% and 0.9%, respectively, with outputs of 6.8 mt and 2.9 mt. Brazil's steel production fell by 7.2% to 2.5 mt.

Regional trends: Africa's output rose sharply by 16.3%, while Europe (Others) saw a significant increase of 22.5%. Conversely, Asia and Oceania's production decreased by 3.6%, and South America experienced a 6.3% decline.

Outlook for steel demand: The World Steel Association anticipates a 1.9% growth in global steel demand for 2024, with projected demand reaching 1,849.1 mt.

Conclusion

In summary, the global steel industry witnessed diverse performance in January 2024, characterized by production declines in major players like China alongside notable increases in emerging producers like India, Turkey, and Iran. Regional disparities were evident, with Africa and Europe (Others) displaying significant growth while Asia, Oceania, and South America faced declines. Despite these fluctuations, the industry remains resilient, with projected growth in global steel demand indicating ongoing opportunities for development and investment.

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