Global DRI production up 6.5% y/y in 2023 – Midrex

Global direct reduced iron (DRI) production in 2023 increased by 6.5% compared to 2022 to 135.7 million tons. This is a record high, according to Midrex.

Over the past 5 years, global DRI production has increased by almost 26% or 27.6 million tons. In 2023, Midrex plants produced 75.7 million tons of DRI, up 3.0% compared to 2022. In 2023, Midrex Technology continued to account for about 80% of global DRI production.

DRI production by Midrex plants (excluding Russia and Iran) amounted to 41.64 million tons, and in these countries – 34.36 million tons. At least 9 plants set new annual records, and another 9 set monthly records.

Midrex’s Venezuelan plants operated at reduced capacity, while ArcelorMittal Point Lisas in Trinidad, ArcelorMittal in South Africa, Delta Steel in Nigeria, ESISCO in Egypt, Lion DRI in Malaysia, and NSCL National Steel Complex Ltd in Pakistan did not operate last year due to unfavorable market conditions.

At the same time, the company’s 1.6 million tpa Cleveland Cliffs plant in Toledo, Ohio, operated at 6% above its rated capacity. ArcelorMittal’s Texas facility also set a new annual record. The Canadian ArcelorMittal plant recorded a record number of operating hours.

In the first quarter of 2024, global DRI production increased by 7.4% compared to the same period in 2023 to 28.09 million tons. India accounted for 4.23 million tons of DRI production during the month. In March of this year, 13 direct reduced iron producing countries produced 9.56 million tons of the product. The figure increased by 9.4% compared to February this year and decreased by 4.8% compared to March 2023.