Global pig iron production increased by 8.2% m/m in May

Global pig iron production in May 2024 increased by 8.2% compared to the previous month – to 124 million tons. Compared to May 2023, the figure rose by 0.8%. This was reported by Ukrmetalurgprom with reference to the WorldSteel Association.

Global pig iron production by the blast furnace method amounted to 110.63 million tonnes for the month (+5.1% m/m; -2.6% y.y), and by the direct reduction method – 13.37 million tonnes (+43% m/m; +28.1% y.y).

In January-May 2024, global pig iron production decreased by 1.8% compared to the same period in 2023 to 584.57 million tons. In particular, 533.76 million tons of pig iron were produced by the blast furnace method, and 50.81 million tons – by the direct reduction method.

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

• China – 361.13 million tons (-3.7% y/y);
• India – 58.85 million tons (+6% y/y);
• Japan – 25.6 million tons (-2.8% y/y);
• Russian Federation – 25.21 million tons (-3% y/y);
• South Korea – 17.99 million tons (-1.8% y/y).

Ukraine produced 653 thousand tons of pig iron in May, up 9.4% month-on-month and 8.2% y/y. For 5 months, the figure amounted to 2.84 million tons (+20.8% y/y). Thus, the country ranks 14th in the ranking of global pig iron producers, ahead of France by 114 thousand tons.

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).