Global steel production in October increased by 0.6% y/y

Global steel production in October 2023 increased by 0.6% compared to the same month in 2022 – up to 150 million tons. This is evidenced by the global ranking of 64 steel-producing countries by the World Steel Association.

Global steel production increased by 0.5% compared to the previous month. In October 2023, total steel production in the CIS+Ukraine increased by 12.9% y/y and 1.4% m/m – to 7.4 million tons.

The top ten steel-producing countries in October 2023, according to World Steel, were:

• China – 79.1 million tons (-1.8% compared to October 2022);
• India – 12.1 million tons (+15.1%);
• Japan – 7.5 million tons (+2.6%);
• USA – 6.8 million tons (+3.4%);
• Russian Federation – 6.3 million tons (+9.5%);
• South Korea – 5.5 million tons (+6.5%);
• Germany – 2.9 million tons (-8.8%);
• Turkiye – 3 million tons (+4.2%);
• Brazil – 2.6 million tons (-10.2%).
• Iran – 3.1 million tons (+3.5%);

In January-October 2023, world steel production increased by 0.2% compared to the same period in 2022 – up to 1.57 billion tons. During this period, the CIS countries + Ukraine increased their total steel production by 3.1% y/y – up to 66.3 million tons.

As GMK Center reported earlier, in 2022 world steel production decreased by 4.3% compared to 2021 – to 1.831 billion tons. The CIS countries + Ukraine in 2022 reduced the total production of steel by 20.2% y/y – to 85.2 million tons.

Ukraine in 2022 reduced production of steel by 70.7% compared to 2021 – to 6.3 million tons. Thus, due to the war, the country fell to the 25th place in the ranking of world steel producers according to WorldSteel.