Global raw-steel production rose 5.0% from September to October, up to 151.2 million metric tons, paced by increased output in the three largest steelmaking countries. The October total is nearly even (+0.4%) with the comparable 2023 result, and it raises the 10-month 2024 output to 850.7 million metric tons, -3.0% lower than the January-October 2023 result.
All the data is supplied by the World Steel Association, which tracks monthly output for “raw steel,” meaning 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.
The October total marks the first month-over-month rise in the global tonnage total since May, as steelmakers have struggled to keep pace with falling demand and seek to stabilize raw-steel prices. The slow demand has been confirmed by World Steel with its recent forecast of global steel consumption pegging the 2024 total at 1.75 billion, which if accurate will mean the third consecutive year of decline for the industry.
The rebound in October is largely the effect of a +5.9% rise in output in China, where the 81.9 million metric tons produced were about 54.0% of the total global output last month. The new result brings China’s year-to-date output to 850.7 million metric tons, +2.9% better than October 2023, but still -3.0% behind the 10-month total for last year.
Indian steel output also rose in October to 12.5 million metric tons, which is 6.4% higher than September and 1.7% higher than October 2023. The nation’s YTD output is now 123.0 million metric tons, a 5.6% improvement over January-October 2023.
Japanese steelmakers produced 6.9 million metric tons during October, 4.35% more than in September but -7.8% less than during October 2023. The January-October 2024 total for Japanese steel output is 70.2 million metric tons, a -3.7% decrease versus 2023.
U.S. steel production has remained within a steady range throughout 2024, and fell -1.52% from September to October, and -.2.0% from October 2023. The year-to-date total for U.S. steel output is 66.7 million metric tons, -1.9% from last year’s January-October total.
The estimated output of Russian steelmakers for October was 5.6 million metric tons, unchanged from the reported September total and a -15.2% decrease versus October 2023. With and estimated 59.4 million metric tons produced YTD that country is -6.8% below its 2023 volume.
Steelmakers across the 27 nations of the European Union produced 11.3 million metric tons during October, +5.7% from October 2023, and their 109.3 million metric tons produced during January through October have those countries 1.5% ahead of last year.
Germany, the largest producer nation in the EU, produced 3.2 million metric tons of raw steel during October, 5.0% higher than last October. That brings this year’s total to 31.6 million metric tons, 5.0% ahead of January-October 2023 for the German producers.
