Features

Global steel production recovered in January
Written by David Schollaert
February 23, 2024
Global steel output moved up in January, recovering from consecutive declines in November and December, the World Steel Association (worldsteel) said in its latest monthly report.
Producers around the world produced 148.1 million metric tons (mt) of steel in January. This was 9.1% above 135.7 million mt produced the month before but a 1.6% year-on-year (y/y) decline, worldsteel said.
The m/m improvement was driven by a 14.5% increase in Chinese crude steel output, even though the rest of the world (RoW) also improved.
Regional breakdown
China, the world’s top steel producer, saw its m/m gain reach an output of 77.2 million mt in January. Despite the near 15% increase m/m, China’s production was down 2.9% y/y. January’s output was still its third-lowest production total in more than a year.
Meanwhile, steel output in RoW also improved vs. December, up 3.8% m/m and up 7.8% y/y to 70.9 million mt in January.
Regionally, the European Union saw the highest m/m gain in output, increasing by 12.1% to 10.2 million mt. Asia and Oceania’s production rose by 11.6%, followed by South America’s 6.3% gain, Africa’s 5.3% increase, and Russia, other CIS’s 1.4% rounded out regional gains.
North America’s steel output was down 1.1% m/m in January at 9.2 million mt, but up 1.1% vs. the year prior, according to worldsteel’s figures.
Regions with lower on-year production included Europe, Other (flat at 3.9 million mt), and the Middle East (-4.1% at 4.7 million mt).


David Schollaert
Read more from David SchollaertLatest in Features

Final Thoughts
Tariff-related noise aside, there is one basic factor keeping buyers on the sidelines. Despite recent declines, HR prices remain at historically high levels. And there is no obvious support to keep them there.

Get an inside look at steelmaking at SMU’s Steel 101 workshop
If you’re looking to build a solid foundation in steel or sharpen the knowledge you already have, the SMU Steel 101 Workshop is a great place to start. Our next workshop will be held in Memphis, Tenn. on June 10-11, 2025

AISI: Raw steel production climbs to 7-month high
US steel mills produced more raw steel last week than they have over the past seven months, according to the American Iron and Steel Institute.

Final Thoughts
United Airlines raised eyebrows earlier this month when it provided two forecasts for 2025 – one assuming a relatively stable economy and another assuming a recession. The reason? Uncertainty around the impact of President Trump’s policy shocks on the broader economy. And it sometimes feels like we’re seeing a battle between those two narratives (stable vs recession) play out within in the pages of this newsletter.

Price: Expect new trade shocks as Trump’s ‘reciprocal’ tariff negotiations continue
President Trump cast a wide net with the proposed, reciprocal tariffs. The negotiating stage will be critical to determining the success of his strategy. And for those suffering tariff whiplash, don’t expect the pace of change to slow down just because the reciprocal tariffs are entering a negotiating phase.