Published on 22 July 2024
In June 2024, the global steel industry experienced a slight downturn, with production figures revealing a 2.2% month-on-month (m/m) decrease. Despite this dip, the overall production for June stood at 161.4 million tons, marking a 0.5% increase compared to the same month in 2023.
Monthly and Yearly Comparisons
The month-on-month decline from May to June 2024 highlights the volatility in the steel market. However, the year-on-year (y/y) comparison shows a more stable trend, with a modest increase in production. This stability is further reflected in the cumulative figures for the first half of the year. From January to June 2024, global steel output remained steady at 954.6 million tons, unchanged from the same period in 2023.
Leading Steel Producers
China continues to dominate the global steel production landscape, contributing 91.6 million tons in June 2024, a slight 0.2% increase from the previous year. India follows with a significant 6% y/y increase, producing 12.3 million tons. Japan, however, saw a decline, with production falling by 4.2% to 7 million tons.
Annual Overview
Looking back at 2023, the total global steel production was 1.85 billion tons, which represented a marginal 0.1% decrease from 2022. This slight drop underscores the challenges faced by the steel industry, including fluctuating demand and economic uncertainties.
Conclusion The steel industry’s performance in June 2024 reflects both resilience and challenges. While the month-on-month decrease indicates short-term fluctuations, the year-on-year stability suggests a more balanced long-term outlook. As the industry navigates these dynamics, leading producers like China, India, and Japan will continue to play pivotal roles in shaping global steel production trends.
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