Published on December 24, 2024
In November 2024, global steel production experienced a slight decline. According to data from the World Steel Association, the total steel production from 71 countries amounted to 146.8 million tons. This represents a 2.9% decrease compared to the previous month. However, compared to November 2023, there was a 0.8% increase, highlighting the mixed trends in the industry.
Monthly and Yearly Performance
The 2.9% month-on-month decline in global steel production in November 2024 can be attributed to several factors. Seasonal variations, production adjustments, and shifts in market demand likely played a role in the reduced output. The drop reflects the industry’s responsiveness to changing economic conditions and market demands.
Year-on-Year Growth Despite the monthly decline, the year-on-year comparison shows a 0.8% increase in global steel production. This growth indicates a recovery and stabilization in the steel industry following the disruptions caused by global economic challenges in previous years. The increase also suggests a gradual improvement in industrial activities and demand for steel products.
Top Steel-Producing Countries
China
China remained the world’s largest steel producer in November 2024, with an output of 78.4 million tons. This represents a 2.5% increase compared to November 2023. China’s continued dominance in steel production is driven by its extensive industrial base, strong domestic demand, and government policies supporting industrial growth.
India
India produced 12.4 million tons of steel in November 2024, marking a 4.5% increase compared to the same month in the previous year. India’s growing infrastructure projects and expanding industrial sector have contributed to the rise in steel production.
Japan
Japan’s steel production in November 2024 totaled 6.9 million tons, a 3.1% decrease from November 2023. The decline reflects challenges in the domestic market and shifts in global trade dynamics affecting Japan’s steel industry.
CIS and Ukraine Region
Overall Decline
In the Commonwealth of Independent States (CIS) and Ukraine region, steel production fell 7.8% year-on-year in November 2024. The total output in this region amounted to 6.5 million tons. The decrease highlights the region’s ongoing economic and geopolitical challenges impacting industrial output.
Despite the overall decline in the region, Ukraine’s steel production showed a positive trend. Ukraine produced 540.8 thousand tons of steel in November 2024, a 1.2% decrease year-on-year but a significant 10.4% decline month-on-month. However, over the first 11 months of 2024, Ukraine’s steel production increased by 23.1% year-on-year, reaching 7.03 million tons. This growth is a testament to the resilience and recovery efforts within the Ukrainian steel industry.
Conclusion
The global steel production landscape in November 2024 presents a complex picture of decline and growth. While the monthly production fell by 2.9%, the year-on-year increase of 0.8% reflects a recovering and stabilizing industry. Major producers like China and India continue to drive global output, while regions like the CIS and Ukraine face mixed performance outcomes. As the industry navigates economic fluctuations and market demands, ongoing adaptations and strategic adjustments will be crucial for sustaining growth and stability in global steel production.