Global crude steel output decreased by 4.7 per cent in July 2024 to 152.8 million tonnes (mt) compared with 160.4 mt in the corresponding period a year ago.
According to the World Steel Association (worldsteel), the output in China, the top producer, went down to 82.9 mt in July — a slump of 9 per cent from the year-ago period. India reported a 6.8 percent rise in production at 12.3 mt. India’s January-July output stands at 86.4 mt, a 7.2 per cent improvement over the corresponding period a year ago.
Japan, Korea outputs drop
Japan’s production dipped by 3.8 per cent to 7.1 mt while South Korea’s output went south by 3.4 per cent at 5.5 mt. Brazil’s production soared by 11.6 per cent at 3.1 mt. While the US’s output increased a tad by 2.1 per cent to reach 6.9 mt, Germany’s production saw of jump of 4.8 per cent to 3.1 mt. Russia’s production declined by 3.1 per cent at 6.3 mt.
Turkiye’s production figures swelled by 4 per cent to reach 3.1 mt while Iran’s output nosedived by 18.7 per cent to 1.8 mt.
Region-wise, Africa saw its output go up by 4 per cent. While the EU saw its numbers rise by 5.7 per cent, Europe’s (Others) output went up by 0.6 per cent. Asia and Oceania’s steel production plunged by 6.4 per cent. The West Asian region’s production went downhill by 10.1 per cent, while North America’s output slipped by 2.4 per cent. South America’s steel production surged by 6 per cent compared with July 2023 figures. Russia and other CIS nations+, Ukraine saw their figures go down 0.8 per cent.
The World Steel Association, in its short-range outlook forecasts that demand will rebound 1.7 per cent this year to reach 1,793 mt. Steel demand is forecast to grow by 1.2 per cent in 2025 to reach 1,815 mt.
