Global pig iron production increased by 1.1% m/m in July

In January-July, the indicator decreased by 1.8% y/y

Global pig iron production in July 2024 increased by 1.1% compared to the previous month – to 120.7 million tons. Compared to July 2023, the figure decreased by 1.8%. This was reported by Ukrmetalurgprom with reference to the WorldSteel Association.

World pig iron production by the blast furnace method amounted to 109.9 million tons for the month (+1.2% m/m; -2.3% y/y), and by the direct reduction method – 10.8 million tons (-0.3% m/m; +5.6% y/y).

In January-July 2024, global pig iron production decreased by 1.8% compared to the same period in 2023 – to 824.71 million tons. In particular, 752.27 million tons of pig iron were produced by the blast furnace method, and 72.44 million tons – by the direct reduction method.

The largest pig iron producing countries in January-July were:

• China – 509.68 million tons (-3.7% y/y);
• India – 83.14 million tons (+7.2% y/y);
• Japan – 35.79 million tons (-3.4% y/y);
• Russian Federation – 35.01 million tons (-4.1% y/y);
• South Korea – 25.37 million tons (-2.4% y/y).

In July, Ukraine produced 621 thousand tons of pig iron, down 1.1% month-on-month and 15.5% y/y. For 7 months, the figure amounted to 4.09 million tons (+21.2% y/y). Thus, the country ranks 13th in the ranking of global pig iron producers.

As a reminder, in 2023, global pig iron production increased by 1.1% compared to 2022 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 reduction method.

The top three countries for pig iron production 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 ranked 16th in the global pig iron production ranking with 6 million tons (-6.1% y/y).

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