Global crude steel production rose 0.8 percent to 146.8 million tonnes (mt) in November 2024, compared to 145.6 million tonnes in the corresponding period a year ago.
According to the World Steel Association (worldsteel), top producer China produced 78.4 million tonnes in November – an increase of 2.5 percent from the same period a year ago. Production continued to rise after the slump at the beginning of the year.
Indian production increased by 4.5 percent to 12.4 million tons. India’s production between January and November stands at 135.9 million tonnes, an improvement of 5.9 percent over the corresponding period a year ago.
Russian production is declining
Russian production fell by 9.2 percent to 5.5 million tons. South Korean production also fell, falling 3.6 percent to 5.2 million tons. While German production increased by 8.6 percent to 2.9 million tons, Japanese production fell by 3.1 percent to 6.9 million tons. American production fell by 2.8 percent to 6.4 million tons.
Brazilian production increased by 1.9 percent to 2.8 million tons. Iranian production went north by 0.1 percent to 3.1 million tons. Steel production in Turkiye increased by a paltry 0.7 percent to 3 million tons.
Regionally, Africa saw its production fall by 5 percent. While the EU saw its figures increase by 3.9 percent, Europe (Others) production fell by 5.5 percent. Steel production in Asia and Oceania increased by 2 percent. Production in West Asia rose 2.7 percent, while production in North America fell 5.2 percent. South American steel production fell by 3.4 percent compared to November 2023 figures. Russia and other CIS countries saw their figures fall by as much as 7.8 percent.
In its latest short-term outlook, worldsteel says steel demand will fall to 1,751 million tonnes in 2024, but rise to 1,772 million tonnes in 2025.
