Steel Mills

Global steel production bounces back in October

November 25, 2024

Following four consecutive monthly declines, the amount of crude steel produced globally increased by 6% from September to October, according to the World Steel Association (worldsteel). Output from steel mills around the globe totaled 152.1 million metric tons (mt) in October, the highest monthly rate recorded since July.

Global steel production has averaged 154.3 million mt per month across 2024. This is 2.3 million mt or 2% lower than the first 10 months of 2023. October production is 1% higher than the same month last year.

On a three-month moving average (3MMA) basis, world production was flat month on month (m/m) at 147.0 million mt through October, the second-lowest rate seen this year. On a 12-month moving average (12MMA) basis, production has averaged 152.1 million mt per month over the past year (Figure 1). This is 1% less than the October 2023 12MMA of 153.9 million mt.

On a daily basis, October production averaged 4.91 million mt per day. This is 1% higher than September’s daily rate and 2% higher than the same month last year.

Annualizing the daily production rate in October yields an annual production rate of 1.79 billion mt (Figure 2). This figure has increased each month for the last two months, following the eight-month low of 1.70 billion mt seen in August. One year ago the annual rate was 1.77 billion mt in October, two years ago it was 1.73 billion mt.

Regional breakdown

China, the world’s top steel producer, produced 81.9 million mt last month (Figure 3). This is 6% higher than one month prior and 3% greater than the same month last year. Recall that in May of this year, Chinese production climbed to a 14-month high of 92.9 million mt. Year-to-date Chinese production has averaged 84.7 million mt per month across 2024.

Chinese production accounted for 54% of the world’s total steel output in October, similar to August and September and the lowest rate seen across 2024. This rate peaked at an 11-month high of 57% in June. This time last year China represented 53% of global output.

Steel output from the rest of the world (ROW) increased to a five-month high in October. Production in these regions totaled 70.2 million mt, up 5% from September, but down 1% from levels one year prior. ROW production has averaged 69.7 million mt per month so far this year.

Production by country

Looking at production levels by country, India was the second-largest steelmaker with 12.5 million mt of steel produced in October. Next up was Japan at 6.9 million mt, followed by the United States at 6.6 million mt, Russia at an estimated 5.6 million mt, and South Korea at 5.4 million mt.

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.