Global steel mill output steady through May

On a 12-month moving average (12MMA) basis, global production has averaged 152.5 million mt per month over the past year (Figure 1). May output was 4% above this rate. Annual mill output has generally remained in the range of 152 million mt to 154 million mt for nearly three years now, similar to pre-pandemic levels. 

Steel mill production worldwide averaged 5.12 million mt per day in May, down 2% month over month (m/m) and 4% below the same period last year. In 2024, daily production peaked at 5.35 million mt in June and bottomed out at 4.67 million mt in August. So far in 2025, daily output has ranged from 5.08 million mt to 5.37 million mt. At May’s pace, annualized global production would total approximately 1.87 billion mt (Figure 2).

Regional breakdown

China is the world’s leading steel producer, accounting for 55% of the global output in May (Figure 3). Chinese production increased 1% m/m in May to 86.6 million mt but was down 7% from a year earlier. In 2024, mill output in China averaged 83.5 million mt per month, peaking in May at 93.0 million mt. Over the past three years, Chinese mills have consistently accounted for 50-57% of total global production.  

Steel output from the rest of the world (ROW) totaled 72.2 million mt in May, up 3% from the previous month and in line with May 2024 volumes. ROW production averaged 69.6 million mt per month throughout 2024, peaking in March at 72.9 million mt.

Top producing countries

Looking at production by country, India retained its position as the second-largest steel producer in May, producing 13.5 million mt or 9% of the global total. Next up was the United States (7.0 million mt or 4%), followed by Japan (6.8 million mt or 4%), Russia (estimated at 5.8 million mt or 4%), South Korea (5.1 million mt or 3%), Iran (3.4 million mt or 2%), Turkey (3.1 million mt or 2%), Germany (3.0 million mt or 2%), and Brazil (2.7 million mt or 2%).

Comparing year-to-date (YTD) output for each of these countries to the same period of last year shows some modest shifts in market share. German mills produced 11% less steel in the first five months of 2025 than they did in the same time period in 2024. Production in India increased by 8% during the same period. Other notable shifts in YTD production were evident in Iran (-5%), Japan (-5%), and Russia (-5%).