Global steel production totaled 77.9 million metric tons during August according to results supplied by the World Steel Association, a notable decline in output even for a typically slow month. The new total signals the third consecutive month of falling tonnage volumes. It is -5.5% lower than the amount reported for July, and -6.5% less than the August 2023 result.
Through eight months of activity, 2024 global steel production totals 1.25 billion metric tons, which is -6.5% less than the 2023 January-August total. Earlier this year, World Steel
The drop in output appears to be related to declining demand, as production in major producer nations remains flat or in decline. The World Steel monthly report compiles raw-steel production totals for 71 countries. The group currently forecasts that 2024 global consumption will rise just +1.7% to 1.793 billion metric tons over 2023, about 19 million metric tons less the outlook report issued late last year.
In China – where industrial and construction activity remains weak – regulators have imposed new limits to prevent overproduction. The August raw-steel output in China was 77.9 million metric tons, which was -6.42% less than for July and -10.4% less than August 2023. China’s year-to-date steel production total is 691.4 million metric tons, a -3.3% drop versus the eight-month result for 2023.
In the world’s second-largest steelmaking nation, India, August raw steel production remained unchanged from July at 12.3 million metric tons. That figure is 2.6% higher than the August 2023 total, and it brings the country's YTD production total to 98.5 million metric tons, or 6.5% above last year’s comparable total.
In Japan, August raw steel production slipped -2.9% from July to 6.9 million metric tons. The new figure is -3.9% lower than the August 2023 total, and it brings Japan’s eight-month total to 56.7 million metric tons, or -2.9% less than the January-July 2023 total.
U.S. raw steel production totaled 7.0 million metric tons during August, a 1.43% improvement over July but roughly equivalent (+0.7%) to the August 2023 result. After eight months of production, U.S. steel production totals 53.8 million metric tons, which is a -1.7% decrease for 2023’s comparable total.
Elsewhere in the world, Russian steel output is down -4.9% YTD, and South Korean output has dropped -5.5% from last year’s eight-month total. In Germany, steel production has stabilized at 25.4 million metric tons, up 4.0% from January-July 2023.
In the European Union at large (27 nations), August steel output totaled 9.1 million metric tons, reaching 87.2 million metric tons year-to-date, a 1.5% increase over last year’s YTD result.
The World Steel Assn.’s monthly summary reports the totals for carbon steel produced in basic-oxygen or electric arc furnaces and cast into semi-finished forms like billets for bar and rod products; slabs for flat products; or blooms, for beam and pipe products. Specialty and stainless steel volumes are not included.
