In April 2024, the global crude steel output experienced a significant decline of 5 per cent compared to the previous year. This decline amounted to 155.7 million tonnes (mt), compared to 164 mt recorded in the corresponding period in 2023. The World Steel Association world steel provided insights into the steel production figures and highlighted some interesting trends.
China’s Output Decreases, India Sees an Increase: China, being the leading producer of crude steel, witnessed a notable decrease in output in April 2024. The country’s production decreased to 85.9 mt, marking a 7.2 per cent decline from the previous year. On the other hand, India reported a 3.6 per cent increase in steel production, reaching 12.1 mt. This increase indicates a positive growth trajectory for the Indian steel industry.
Varying Production Trends across Countries: While some countries experienced a decline in steel production, others saw a notable surge. Germany, for instance, saw a significant 6.4 per cent increase in production, totaling 3.4 mt. Similarly, Turkiye experienced a 4.5 per cent surge, reaching 2.8 mt. Conversely, challenges were faced by countries like Iran and South Korea, witnessing respective production declines of 12.3 per cent and 10.4 per cent. Iran’s production decreased to 2.7 mt, while South Korea reached 5.1 mt. Russia and Japan also observed decreases in steel output. Russia’s production decreased by 5.7 per cent to 6.2 mt, whereas Japan had a decline of 2.5 per cent, amounting to 7.1 mt. The United States recorded a slight drop of 2.8 per cent, producing 6.7 mt. Additionally, Brazil experienced a small decrease of 2.1 per cent, reaching 2.7 mt.
Regional Insights: Africa and EU Show Increases From a regional perspective, African steel production saw a positive increase of 1.4 per cent compared to the figures recorded in April 2023. Europe’s output, specifically in the European Union (EU), also experienced a slight increase of 1.1 per cent. However, Europe Others witnessed a decrease of 2.6 per cent in their steel output. Asia and Oceania, as a region, witnessed a significant decline of 5.8 per cent in steel production. West Asia recorded a notable 8.2 per cent reduction, while North America’s output slipped by 5.2 per cent. Similarly, South America’s steel production experienced a decline of 3.9 per cent compared to the figures in April 2023. Russia and other CIS nations also observed a decline of 3.5 per cent in their steel production levels.
Short-range Outlook: Steel Demand Forecasted to Rebound: In its short-range outlook, the World Steel Association projected a 1.7 per cent rebound in steel demand for the current year. The demand is expected to reach an estimated 1,793 mt by the end of 2024. Looking further ahead, a 1.2 per cent growth in steel demand is predicted for 2025, reaching a total of 1,815 mt. These predictions hint at the steady growth and demand for steel globally. As various countries navigate economic challenges and fluctuating production figures, the steel industry remains a crucial sector to watch for its impacts on construction, manufacturing, and infrastructure developments around the world.
