Global steel output rises in January

On a 12-month moving average (12MMA) basis, mill output has averaged 152.2 million mt per month over the past year (Figure 1). This annual production rate is 2% lower than the January 2024 12MMA of 154.6 million mt. Annual production has generally remained in this territory for the past two years, similar to pre-Covid levels.  

On a daily basis, production averaged 4.88 million mt per day in January. This was 5% higher than December’s daily rate but 4% lower than the same month last year. Across 2024, the daily production rate climbed as high as 5.36 million mt in June and fell to as low as 4.67 million mt in August.

Annualizing January’s daily production rate yields an annual production rate of 1.78 billion mt (Figure 2). This rate is somewhat in line with late-2024 levels but significantly lower than those of early-2024. A year ago, this annual rate was significantly higher at 1.87 billion mt in January, while two years ago, it was similar at 1.77 billion mt.

Regional breakdown

China, the world’s top steel producer, produced an estimated 81.9 million mt last month (Figure 3). This was 8% higher than December but 6% lower than the same month one year prior. Chinese production averaged 83.4 million mt per month across 2024, peaking in May at 92.9 million mt.

Chinese production accounted for 54% of the world’s total steel output in January, similar to rates of the prior six months. One year ago, China represented 55% of global output. Across the last three years, this rate has ranged between 50% and 57%.  

Steel output from the rest of the world (ROW) was 69.5 million mt in January, 1% higher than December but 3% lower than January 2023. Recall that ROW production averaged 69.5 million mt per month in 2024, peaking in March at 72.3 million mt.  

Production by country

Looking at production levels by country, India was the second largest steelmaker in January, with 13.6 million mt of steel produced. Next up was Japan (6.8 million mt), followed by the United States (6.6 million mt), Russia (estimated at 6.0 million mt), South Korea (5.2 million mt), Turkey (3.2 million mt), and Germany (estimated at 2.8 million mt).