Steel Markets

Global steel output up in November: Worldsteel
Written by Michael Cowden
December 21, 2023
Global steel production rose in November compared to a year earlier, with output in China roughly flat and significant gains elsewhere, according to the latest figures from the World Steel Association (worldsteel).
Nov. ’23 vs. Nov. ’22
All told, world steel production stood at 145.5 million metric tons in November 2023, up 3.3% from November 2022.
China – by far the world’s largest steel producer – made 76.1 million tons of steel in November 2023, up 0.4% from November of last year. The United States produced 6.6 million tons last month, up 6.1% year over year (YoY). And EU mills made 10.6 million tons in November 2023, up 3.2% YoY.
Some of the biggest percentage gains in November were recorded by Turkey (3 million tons, up 25.4% YoY), Russia (6.4 million tons, up 12.5% YoY), South Korea (5.5 million tons, up 11.9% YoY), and India (11.7 million tons, up 11.4% YoY).
Partially offsetting those gains were declines in Germany, Europe’s largest steelmaking nation (2.7 million tons, down 2.4% YoY), and Japan (7.1 million tons, down 0.9%).
Jan.-Nov. ’23 vs. Jan.-Nov. ’22
Through 11 months of 2023, global steel output stood at nearly 1.72 billion tons, up 0.5% from the same period in 2022.
China accounts for the vast bulk of that tonnage (952.1 million tons, up 1.5% YoY), followed by India (128.2 million tons, up 12.1% YoY), and Japan (80 million tons, down 2.8% YoY).
The US was the world’s fourth-largest steel producing nation through the 11 months of 2023 (73.9 million tons, down 0.5% YoY).
Notable fact
China made more steel in November 2023 than the US made in 11 months this year.


Michael Cowden
Read more from Michael CowdenLatest in Steel Markets

USW cheers Evraz NA agreement with Atlas Holdings
The United Steelworkers (USW) labor union celebrated recent news of the signed agreement between Atlas Holdings and Evraz NA in which the Connecticut-based private equity company said it plans to acquire North America’s Evraz facilities.

Steel buyer spirits tempered by soft spot market conditions
Steel sheet buyers report feeling bogged down by the ongoing stresses of stagnant demand, news fatigue, tariff negotiations or implementation timelines, and persistent macroeconomic uncertainty.

Hot-rolled coil buyers continue seeking certainty
Steel market participants contend that buyers will remain in “wait-and-see" mode until some market stability is restored.

Latin American steel advocates warn on cheap import flood
Subsidized Chinese steel imports and cheap steel products from Association of Southeast Asian Nations (ASEAN) entering Latin American (LATAM) are threatening the region's steel market.

CRU: Steel prices fall amid global demand weakness
The forceful headwinds bearing down on steel markets across the globe have created demand challenges and sent prices southward. The US, however, challenged the global trend.