Features
Global steel production recovered in January
Written by David Schollaert
February 23, 2024
Global steel output moved up in January, recovering from consecutive declines in November and December, the World Steel Association (worldsteel) said in its latest monthly report.
Producers around the world produced 148.1 million metric tons (mt) of steel in January. This was 9.1% above 135.7 million mt produced the month before but a 1.6% year-on-year (y/y) decline, worldsteel said.
The m/m improvement was driven by a 14.5% increase in Chinese crude steel output, even though the rest of the world (RoW) also improved.
Regional breakdown
China, the world’s top steel producer, saw its m/m gain reach an output of 77.2 million mt in January. Despite the near 15% increase m/m, China’s production was down 2.9% y/y. January’s output was still its third-lowest production total in more than a year.
Meanwhile, steel output in RoW also improved vs. December, up 3.8% m/m and up 7.8% y/y to 70.9 million mt in January.
Regionally, the European Union saw the highest m/m gain in output, increasing by 12.1% to 10.2 million mt. Asia and Oceania’s production rose by 11.6%, followed by South America’s 6.3% gain, Africa’s 5.3% increase, and Russia, other CIS’s 1.4% rounded out regional gains.
North America’s steel output was down 1.1% m/m in January at 9.2 million mt, but up 1.1% vs. the year prior, according to worldsteel’s figures.
Regions with lower on-year production included Europe, Other (flat at 3.9 million mt), and the Middle East (-4.1% at 4.7 million mt).
David Schollaert
Read more from David SchollaertLatest in Features
Final Thoughts
Will a US-UK meeting next week prove a harbinger of tariff deals to come, or will it be just another case of having the rug pulled from under us?
SMU Week in Review: Sept. 8-12, 2025
As governments falter, ecosystems unravel, and moral compasses spin like casino wheels, the American steel industry remains stubbornly stable. Come, take a walk with me through a recap of this week's steel industry news...
Apparent steel supply remains elevated in July
Apparent supply totaled 8.88 million short tons (st) in July, down 38,000 st from June and 6% higher than the same month last year
Drill rig activity ticks higher in US and Canada
Active rig counts increased in both the US and Canada last week, according to figures released by Baker Hughes. Although rising, US counts continue to hover just above historic lows. Canadian figures remain comparatively healthy, rising to a six-month high this week. Total US rig counts climbed by two week over week (w/w) to 539. […]
Price on Trade: IEEPA tariffs head to the Supreme Court, DOJ ramps up trade enforcement
International trade law and policy remain a hot topic in Washington and beyond this week. We are paying special attention to the ongoing litigation of the president’s tariff policies and the administration’s efforts to heighten trade enforcement.