Global Steel Production Is Flat at Midyear

Global raw steel production through June 30, 2024, stands at 954.6 million metric tons, unchanged from the previous year. June’s output was 161.4 million metric tons, a 2.3% decrease from May but 0.5% higher than June 2023. The World Steel Association reports monthly data for 71 countries.

The global steel industry faces challenges such as persistent inflation and high interest rates, weakening demand in industrial and construction sectors. The World Steel Association predicts a modest demand increase of 1.7% to 1.793 billion metric tons in 2024, down 19 million metric tons from earlier forecasts. For 2025, demand is expected to grow by just 1.2% to 1.815 billion metric tons.

China, producing over half of the world’s raw steel, saw a 1.4% decrease in June production from May and a slight 0.2% increase compared to June 2023. India’s output increased by 0.8% in June and 6.0% year-over-year. Meanwhile, Japan and the U.S. experienced declines in both monthly and year-over-year production.

These figures reflect carbon steel produced in basic-oxygen or electric arc furnaces, excluding specialty and stainless steel.

Source: AmericanMachinist.com