Global pig iron production fell by 5.6% m/m in November

In January-November, the indicator decreased by 2% y/y

In  November 2024, the global production of pig iron fell by 5.6% compared to the previous month – to 111.63 million tons. Compared to November 2023, the indicator increased by 0.6%. This is reported by the OP Ukrmetalurgprom with reference to WorldSteel Association data.

World production of pig iron by the blast furnace method for the month amounted to 100.82 million tons (-3.9% m/m; +0.8% y/y), and by direct reduction method – 10.81 million tons (-19 .1% m/m; +1.1% y/y).

In January-November 2024, global pig iron production decreased by 2% compared to the same period in 2023 – to 1.28 billion tons. In particular, 1.16 billion tons of pig iron were produced by the blast furnace method, and 116.52 million tons by the direct reduction method.

The largest countries producing pig iron in January-November are:

• China – 782.77 million tons (-3.5% y/y);
• India – 130.58 million tons (+5.5% y/y);
• Japan – 55.85 million tons (-3.7% y/y);
• Russian Federation – 53.74 million tons (-6.1% y/y);
• South Korea – 40.51 million tons (-2.2% y/y).

Ukraine in November produced 542.9 thousand t of pig iron, which is 13.1% less compared to the previous month, and 0.3% more y/y. For 11 months, the indicator was 6.52 million tons (+19.8% y/y). Thus, the country ranks 13th in the ranking of world iron producers.

In 2023, world production of pig iron increased by 1.1% compared to 2022 – up to 1.41 billion tons. In 2023, 1.29 billion tons were produced by the blast furnace method, and 120.15 million tons by the direct recovery method.

In the top three pig iron production leaders in 2022: China – 871.01 million tons (+0.7% y/y), India – 135.07 million tons (+10.6% y/y), Japan – 63.04 million tons (-1.7% y/y). In 2023, Ukraine took 16th place in the ranking of world iron producers, with an indicator of 6 million tons (-6.1% y/y).

As GMK Center reported, global steel production in 2023 decreased by 0.1% compared to 2022 – to 1.85 billion tons. In the top three producing countries: China – 1.019 billion tons (+0% y/y), India – 140.2 million t (+11.8% y/y), Japan – 87 million t (- 2.5% y/y). Ukraine took 24th place with a result of 6.2 million tons (-0.6% y/y).