Global steel production fell by 5.3% m/m in July

Global steel production in July 2024 fell by 4.7% compared to the same month in 2023 to 152.8 million tons. The figure fell by 5.3% compared to June. This is evidenced by the global ranking of 71 steel-producing countries by the World Steel Association.

Total steel production in the CIS+Ukraine decreased by 0.8% over the month compared to July 2023 and increased by 1.4% m/m – to 7.5 million tons, including Ukraine, which increased by 17.9% y/y and decreased by 3.5% m/m – to 709 thousand tons.

The top ten steel-producing countries in July, according to World Steel, were:

• China – 82.9 million tons (-9% y/y);
• India – 12.3 million tons (+6.8%);
• Japan – 7.1 million tons (-3.8%);
• USA – 6.9 million tons (+2.1%);
• Russian Federation – 6.3 million tons (-3.1%);
• South Korea – 5.5 million tons (-3.4%);
• Germany – 3.1 million tons (+4.8%);
• Turkey – 3.1 million tons (+4%);
• Brazil – 3.1 million tons (+11.6%);
• Iran – 1.8 million tons (-18.7%).

In January-July 2024, global steel production decreased by 0.7% compared to the same period in 2023 – to 1.11 billion tons. In the CIS+Ukraine region, the figure remained at the level of the previous year – 51.5 million tons. In particular, Ukraine increased steel production by 33.6% y/y over 7 months to 4.58 million tons.

As GMK Center reported earlier, in 2023, global steel production decreased by 0.1% compared to 2022 – to 1.85 billion tons. Total steel production in the CIS+Ukraine increased by 4.5% over the year compared to 2022 – to 88.1 million tons.

Ukraine produced 6.2 million tons of steel in 2023, down 0.6% y/y. The country was thus ranked 24th in the global steel production ranking, up from 25th in 2022.

Translated with DeepL.com (free version)