Global DRI production increased by 7.4% y/y in Q1

Global direct reduced iron (DRI) production in January-March 2024 increased by 7.4% compared to the same period in 2023 – to 28.09 million tonnes. This is evidenced by data from the World Steel Association WorldSteel, SteelOrbis reports.

In March 2024, 13 countries producing direct reduced iron produced 9.56 million tons of the product. The figure increased by 9.4% compared to February 2024 and decreased by 4.8% compared to March 2023.

India accounted for 4.23 million tons of DRI production during the month. Iran produced another 1.93 million tons, Russia 700 thousand tons, and Saudi Arabia 602 thousand tons.

As GMK Center reported earlier, in 2023, global direct reduced iron production increased by 7.4% compared to 2022 to 135.51 million tons from 126.16 million tons a year earlier. India accounted for more than 36% of the total DRI production – 49.33 million tons. Iran produced 33.45 mln tons of DRI, Russia – 7.78 mln tons, Egypt – 7.22 mln tons, Russia – 7.78 mln tons, Saudi Arabia – 6.82 mln tons.

In 2023, the EU reduced imports of direct reduced iron by 11% compared to 2022, to 2.61 million tons. The largest supplier of DRI is Russia – 1.19 million tons (-21.3% y/y).

World Steel Dynamics forecasts that global DRI production will grow by 56.2% by 2030 compared to the base year 2019 and by 40% compared to 2022, to 175 million tons. The largest growth in DRI production is expected in the European Union and MENA countries.