Global steel exports grew by 3.3% y/y in 2024

According to the World Steel Association, global steel trade (rolled and semi-finished products) increased by 3.3% in 2024 compared to 2023 to 449.2 million tons. This indicates a gradual recovery in international economic activity and steady demand for steel products in various sectors, including infrastructure, construction, and engineering.

China maintains its undisputed leadership among exporters, increasing its supply to 117.1 million tons. This is the highest figure among all countries and a significant increase compared to 2023 (94.3 million tons). China is followed by Japan – 31.2 million tons (-3.1% y/y), and South Korea – 28 million tons (+3.7% y/y). Last year, the EU increased its supplies of steel products by 6.9% y/y – to 27.8 million tons. Turkey also significantly strengthened its position in the global market, exporting 17 million tons of steel (+33.8% y/y).

The European Union is the top importer, importing 42.8 million tons of steel (+9.2% y/y). The United States ranks second with 27.3 million tons (+3.4% y/y), followed by Turkey with 19.7 million tons (+9.4% y/y) and Italy with 18.5 million tons (-1.1% y/y).

At the same time, the geography of trade flows is changing. The share of Asian countries in global exports has increased, while European producers are losing ground. Asia’s share of total exports is over 48%, while Europe’s is 27.8%.

There is also a noticeable upward trend in trade in semi-finished products. In particular, in 2024, global exports of semi-finished products reached 54.6 million tons, up from 53.1 million tons in 2023 and 44.6 million tons in 2022. The most exported types of steel products include:

• hot-rolled sheets and coils – 82 million tons (+7.9% y/y)
• galvanized sheet – 43.2 million tons (+5.4% y/y)
• heavy plates – 35.5 million tons (+2.6% y/y);
• steel pipes and fittings – 37.2 million tons (+1.9% y/y);
• cold-rolled sheets and coils – 31.9 million tons (+6% y/y).

Global steel production in 2024 amounted to 1.76 billion tons, down 1% y/y. The share of exports in total production reached 25.5%, up from 24% in 2023.

As a reminder, global iron ore exports in 2024 increased by 2% y/y – to about 1.6 billion tons. Australia remains the largest exporter of raw materials (866 million tons, +1.4% y/y). Brazil (390 million tons, +2.6% y/y) and South Africa (61 million tons, +3.4% y/y) are the second largest exporters.