Features
Global steel production falls in Feb following Jan surge
Written by Brett Linton
March 22, 2024
World steel output slipped in February, according to World Steel Association’s (worldsteel) latest monthly report. With the exception of January’s surge, monthly production levels have declined 10 out of the past 11 months.
Steel mills around the world produced 148.8 million metric tons (mt) of steel in February. This is 5.8% less than the 158.0 million mt produced the month before, but 3.7% greater than the same month one year prior.
On a daily basis, production averaged 2.8 million mt per day in February, unchanged from January. Daily production was marginally higher the same month one year ago at 2.804 million mt. Recall that this daily rate had reached a near seven-year low back in December of 2.174 million mt.
Regional breakdown
China, the world’s top steel maker, produced 81.2 million mt in February. Despite the 6.5% decrease m/m, China’s production was up 3.4% year on year (y/y). February’s output was the fourth-lowest monthly rate seen over the past year. Chinese production represented 54.6% of the world’s total output in February, down from 54.9% in January and 54.7% in February 2023.
Meanwhile, steel output in the rest of the world (row) also eased 5.1% month on month (m/m). Production in these regions totaled 67.6 million in February, up 3.8% y/y.
Looking at production by country, Indian mills held the number two spot in February, producing 11.8 million mt of steel. Next up was Japan at 7.0 million mt, followed by the US, Russia, and South Korea, all in the 5-6 million mt range.
Brett Linton
Read more from Brett LintonLatest in Features
Final Thoughts
If I could change something, it’d be this: Political news would get more boring. And news about steel prices and steel demand would get a little more exciting.
US and Canada expect positive outcomes from tariff negotiations
Canadian Prime Minister Mark Carney and US President Donald Trump told reporters at the White House on Tuesday that they’ll be formulating a trade deal that works for both nations.
Final Thoughts: Survey says edition
SMU’s latest survey results indicate that steel market participants think sheet prices are at or near a bottom. But most also think there is limited upside once they inflect higher.
SMU Scrap Survey: Current and Future Sentiment tick down
SMU’s Current Sentiment Index for scrap decreased this month, a move mirrored by our Future Sentiment Index, according to the latest data from our ferrous scrap survey.
Leibowitz: When the shutdown should end
There is no doubt that the current government shutdown reflects the vast divisions between the extremes of American politics, society, and even geography. Almost all Americans agree that government is necessary, but voters disagree...