Global crude steel output declined by 4.3 per cent in March 2024 to 161.2 million tonnes (mt) compared with 168.4 mt in the corresponding period a year ago. According to the World Steel Association, top producer China’s output plunged to 88.3 mt in March, down by 7.8 per cent from the year-ago period. India reported a 7.8 per cent rise in production at 12.7 mt.
Steep rise in Turkiye, Germany
Turkiye’s production surged by 18 per cent to 3.2 mt. Germany’s production soared by 8.4 per cent at 3.5 mt. While output from Russia increased by 0.8 per cent at 6.6 mt, South Korea’s output plunged by 9.5 per cent at 5.3 mt. Japan’s production went down by 3.9 per cent at 7.2 mt.
Brazil and Iran saw their output go north by 5.6 per cent and 2 per cent, respectively, at 3.5 mt each. The steel output in the US remained flat at 6.9 mt.
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Region-wise, Africa saw their output go up by 1.1 per cent. While EU saw its numbers dip by 4.3 per cent, Europe (Others)‘s output increased by 11 per cent. Asia and Oceania’s steel production declined by 5.8 per cent. The West Asia region’s production went up by 4 per cent, while North America’s output slipped a 1.4 per cent. South America’s steel production went down by 0.2 per cent compared with March 2023 figures. Russia and other CIS nations saw their figures go up by 1.5 per cent.
The World Steel Association (worldsteel) recently released its short-range outlook for 2024 and 2025. worldsteel forecasts that demand will see a 1.7 per cent rebound this year to reach 1,793 mt. Steel demand is forecast to grow by 1.2 per cent in 2025 to reach 1,815 mt.