International Steel Mills
Global steel production declines further in September
Written by Brett Linton
October 25, 2024
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The World Steel Association’s (worldsteel) latest data shows global crude steel production easing 1% from August to September. Steel mills around the globe produced a total of 143.6 million metric tons (mt) in September, the lowest monthly rate recorded this year.
Across 2024, global steel output has averaged 154.5 million mt per month. This is 2% or 2.9 million mt lower than the first nine months of last year. September production was 5% below last year.
On a three-month moving average (3MMA) basis, world production in September declined 4% month on month (m/m) to 146.7 million mt in September, the lowest rate in eight months.
September’s production of 151.8 million mt on a 12-month moving average (12MMA) basis (Figure 1) was just 1% lower than September 2023’s 153.6 million mt.
On a daily basis, September production averaged 4.79 million mt (Figure 2). This is 3% higher than the August daily rate of 4.67 million mt. August’s rate was the lowest measure recorded since December 2023. Daily production in September was 5% lower y/y.
Regional breakdown
China, the world’s top steel producer, produced 77.1 million mt of crude steel last month (Figure 3). This is down 1% m/m and 6% y/y. Note that earlier this year, Chinese production climbed to a 14-month high of 92.9 million mt in May. Year-to-date, production has averaged 85.0 million mt per month, down from a rate of 88.0 million mt in the same time frame last year.
Chinese production accounted for 54% of the world’s total steel output in September. This is in line with August and the same month last year.
Steel output from the rest of the world (ROW) remained flat from August to September. Production in these regions totaled 66.5 million mt, down 3% from levels one year prior. ROW production has averaged 69.5 million mt per month so far this year, a slight rise from 69.4 million mt last year.
Production by country
Looking at production levels by country, Indian mills retained the number two spot last month, producing 11.7 million mt of steel in September. Next up was the United States at 6.7 million mt, followed by Japan at 6.6 million mt, Russia at an estimated 5.6 million mt, and South Korea at 5.5 million mt.
Brett Linton
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