Steel Markets
Global steel production eases in August
Written by Brett Linton
September 25, 2024
Global steel mill production declined 5% from July to August, according to the latest data from World Steel Association (worldsteel). Steel mill output around the world totaled 144.8 million metric tons (mt) for the month of August, the lowest monthly rate of 2024.
For the first eight months of the year, global steel output has averaged 155.9 million mt per month. This is 2.3 million mt, or 1%, lower than the same period of 2023. August production is down 7% compared to the same month one year ago.
On a three-month moving average (3MMA) basis, world production declined 4% month on month (m/m) to 152.6 million mt through August. This is the lowest 3MMA recorded in six months. On a 12-month moving average (12MMA) basis, production over the last year has averaged 152.5 million st per month, 1% less than the August 2023 12MMA.
On a daily basis, August production averaged 4.67 million mt per day. This daily rate is 5% lower than the prior month and now the lowest measure recorded since last December. Daily production in August was 5% lower than the same month one year ago.
Regional breakdown
China, the world’s top steelmaker, produced 77.9 million mt last month, down 6% m/m. Recall that in May Chinese production reached a 14-month high of 92.9 million mt. August production is down by 10% compared to the same month one year ago. Year-to-date production has averaged 85.9 million mt per month across 2024, down from a rate of 88.7 million mt in the same period last year.
Chinese production accounted for 54% of the world’s total steel output in August. This is unchanged from July, but down from a rate of 56% this time last year.
Steel output from the rest of the world (ROW) eased 3% m/m in August. Production in these regions totaled 66.9 million mt, down 1% from levels one year prior. ROW production has averaged 69.9 million mt per month so far this year, up from 69.5 million mt in the same period of 2023.
Production by country
Looking at production levels by country, Indian mills retained the number two spot last month, producing 12.3 million mt of steel in August. Next up was the United States at 7.0 million mt, followed by Japan at 6.9 million mt, Russia at an estimated 5.8 million mt, and South Korea at 5.5 million mt.
Brett Linton
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