Steel Markets
Monthly steel output falls in China, rises in RoW
Written by Brett Linton
August 22, 2024
Global steel output during the month of July declined 5% from last year, according to the World Steel Association’s (worldsteel) latest report. While monthly production declined in China, combined output in the Rest of the World (RoW) ticked higher.
Steel mills around the world produced a combined 152.8 million metric tons (mt) of crude steel in July. That marks it as the second-slowest month for steel output so far this year.
Global steel production averaged 157.6 million mt per month across the first seven months of the year. That’s 1 million mt below the same period of 2023.
On a three-month moving average (3MMA) basis, global production declined 1% from June’s 11-month high to 159.5 million mt through July.
On a 12-month moving average (12MMA) basis, monthly production over the last 12 months averaged 153.3 million st. This rate is identical to the 12MMA in July 2023; it’s remained in this ballpark for the last two years.
On a daily basis, July production averaged 4.93 million mt, 8% below June’s 14-month high and 5% lower than last year.
Regional breakdown
China, the world’s top steel producer, produced 82.9 million mt last month, 9.5% less than June and 9% less than July 2023. Recall that in May, Chinese production reached a 14-month high of 92.9 million mt. China’s year-to-date production averaged 87.1 million mt per month in the first seven months of the year, down from 88.9 million mt in the same period last year.
Chinese production accounted for 54% of the world’s total steel output in July, down from a 57% rate one month and one year prior.
Meanwhile, steel output in the RoW increased 1% from June to July. Production in these regions totaled 69.9 million mt for the month, up less than 1% y/y. RoW production averaged 70.5 million mt per month through July, up from 69.7 million mt in the same period of 2023.
Looking at steel production levels by country, India retained the number two spot last month, producing 12.3 million mt in July. Next up was Japan at 7.1 million mt, followed by the US at 6.9 million mt, Russia at an estimated 6.3 million mt, and South Korea at 5.5 million mt.
Brett Linton
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