Steel Product Producers

Global steel production increases in March

April 23, 2024

Global steel output jumped 8.3% in March, according to World Steel Association’s (worldsteel’s) latest release. Production is now at the highest level seen in 10 months, rebounding from a near six-year low observed just three months prior.

Steel mills around the world produced an estimated 161.2 million metric tons (mt) of steel last month. While up month over month, March production is 4.3% less than levels one year prior. On a three-month moving average (3MMA) basis, production rose to 156.0 million tons through March, up 5.6% from February and the highest 3MMA recorded since August.

On a daily basis, production averaged 5.2 million mt per day in March, up 1.3% from the month before and the highest rate recorded since last June. Daily production was 4.3% lower than the same month one year ago.

Regional breakdown

The world’s top steelmaker, China, produced 88.3 million mt in March, now up to a eight-month high. Despite increasing 8.7% over February, March production is down 7.7% year on year (y/y). Chinese production represented 54.8% of the world’s total output in March, up from 54.6% in February but down from 56.8% the same month last year.

Meanwhile, steel output in the rest of the world (ROW) also increased 7.8% from February to March. Production in these regions totaled 72.9 million mt for the month, up 0.3% y/y.

Looking at production by country, Indian mills held the number two spot in March, producing 12.7 million mt of steel. Next up was Japan at 7.2 million mt, followed by the US, Russia, and South Korea, all in the 5-6 million mt range.

Brett Linton

Brett Linton is a senior analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.