Global steel production drops 5% in April 

Achuth Vinay Updated - May 23, 2024 at 06:55 PM.
Steel | Photo Credit: KSL

Global crude steel output declined by 5 per cent in April 2024 to 155.7 million tonnes (mt) compared with 164 mt in the corresponding period a year ago. According to the World Steel Association (worldsteel), top producer China’s output declined to 85.9 mt in April, down by 7.2 per cent from the year-ago period. India reported a 3.6 per cent rise in production at 12.1 mt.  

Steep rise in Germany 

Germany’s production surged by 6.4 per cent to 3.4 mt. Turkiye’s production surged by 4.5 per cent at 2.8 mt. While Iran’s output dropped by 12.3 per cent at 2.7 mt, South Korea’s production slid by 10.4 per cent at 5.1 mt. Russia’s production went down by 5.7 per cent at 6.2 mt. The United States and Japan saw their output go south by 2.8 per cent and 2.5 per cent, respectively, at 6.7 mt and 7.1 mt. Production in Brazil, too, dipped a tad, going down 2.1 per cent by at 2.7 mt. 

Region-wise, Africa saw its output go up by 1.4 per cent. While EU saw its numbers go up by 1.1 per cent, Europe (Others)’s output decreased by 2.6 per cent. Asia and Oceania’s steel production plunged by 5.8 per cent. The West Asia region’s production plummeted by 8.2 per cent, while North America’s output slipped by 5.2 per cent. South America’s steel production was down by 3.9 per cent compared with April 2023 figures. Russia and other CIS nations saw their figures fall by 3.5 per cent. 

The World Steel Association in its short-range outlook has forecast 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. 

Published on May 23, 2024 11:59

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