Global steel production falls to near two-year low in September

Daily production edged up to 4.73 million mt per day in September, 1% higher than August, but one of the lowest rates recorded this year. In the past 12 months, daily production peaked at 5.37 million mt in March and bottomed at 4.67 million mt in December. At September’s rate, annualized global production would total approximately 1.73 billion mt (Figure 2).

Seasonal trends

Steel production is highly seasonal, with output typically strongest in the spring months and weaker in the second half of the year. Annual comparisons can help compare seasonal data. Figure 3 shows the year-over-year (y/y) growth rates for total global production, as well as for China and the rest of the world (ROW) grouped together. September output was 2% lower than the same month of 2024. ROW production rose 2%, while Chinese output declined 5%.

Regional breakdown

China accounted for 52% of global production in September, producing 73.5 million mt (Figure 4). Chinese output was down 5% m/m and was also down 5% y/y. Production averaged 81.8 million mt per month across the past year. Since 2023, Chinese mills have consistently accounted for 50-57% of total global production.  

ROW steel output totaled 68.3 million mt in September, unchanged from August and 2% higher y/y. ROW production has averaged 69.6 million mt per month over the past year.

Top producing countries

India maintained its position as the second-largest steel producer in September, producing 10% of the global total. Other significant producers included the United States and Japan at 5% each, Russia and South Korea at 4%, and Turkey, Brazil, Germany, and Iran at 2%.

Comparing year-to-date (YTD) output by country to the same period of 2024 reveals modest shifts in market share. Across the first nine months of 2025, German production is down 11% from the same time frame last year, Russia and Japan fell 5%, and Iran and South Korea each declined 3%. India was the outlier, with production increasing 11%.