Steel Products
Worldsteel: Global Steel Output Drops for Third Month
Written by Becca Moczygemba
October 24, 2023
Global steel production dropped in September for a third consecutive month, according to the latest figures from the World Steel Association (worldsteel).
Approximately 149.3 million metric tons of crude steel were produced globally in September. That’s a 2.1% decline from the estimated 152.6 million metric tons produced in August. September’s production was down 1.5% from September 2022.
The strongest production month so far this year was March when global steel production stood at 165.1 million metric tons, 9.6% higher than September.
China produced 82.1 million metric tons last month, making up about 55% of the world’s production. That’s down approximately 5% from August’s 86.4 million metric tons. China produced 5.6% more in September 2022.
Steel production in the rest of the world (RoW) increased 1.5% month over month (MoM) to 67.2 million metric tons in September, according to worldsteel data.
Regionally, output was higher YoY in Russia and other CIS, plus Ukraine with 7.3 million metric tons (+10.7%); and other European countries at 3.5 million metric tons (+2.7%).
Regions experiencing lower year-on production include the Middle East at 3.6 million metric tons (-8.2%); Africa at 1.3 million metric tons (-4.1%); South America at 3.4 million metric tons (-3.7%); Asia and Oceania at 110.7 million metric tons (-2.1%); the EU at 10.6 million metric tons (-1.1%); and North America at 9 million metric tons (-0.3%).
Becca Moczygemba
Read more from Becca MoczygembaLatest in Steel Products
CRU: EC to toughen steel safeguards
The European Commission proposes cutting its steel import quota by almost half, with volumes exceeding the limit facing 50% duties. The region’s steel industry welcomes the move, while other steel-producing nations fear the consequences. CRU published an insight before this announcement, noting that more restrictive trade policy could significantly raise the cost of marginal supply […]
US and Canadian rig counts stabilize
US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.
Plate market sources critique mill hikes amid current market conditions
Following spot market plate price increase notices issued by domestic mills this past week, participants are contemplating the rationale behind the increases and whether they will stick. Some sources anticipate that current market conditions will shift in November and believe the increases may set a new "pricing floor."
Oregon Steel Mills lifts plate prices by $60/ton
Oregon Steel Mills has joined other producers in announcing a price increase of at least $60 per short ton on steel plate.
CRU: Construction of pilot plant for green steel process starts
Voestalpine and partners have begun building an industrial-scale Hy4Smelt demonstration plant in Linz, Austria, which they hope will become key in the decarbonization of steel.