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

The total amount of raw steel produced around the world slipped 3% from October to an estimated 140.1 million metric tons (mt) in November, according to World Steel Association (worldsteel) data. This marks the lowest monthly production rate since December 2023.

On a 12-month moving average (12MMA) basis through November, annual production has averaged 150.2 million mt per month over the last year, down 1% from the same period one year prior (Figure 1). Up until September, annual output had generally hovered between 152 million and 154 million mt for nearly three years, similar to pre-pandemic levels.

November’s daily production rate was 4.67 million mt per day, up 1% from October’s 22-month low of 4.62 million mt. Over the last year, daily production was as high as 5.37 million mt in March. At November’s rate, annualized global production would total approximately 1.70 billion mt (Figure 2), one of the lower rates recorded in recent years.

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 see past seasonal variations. Figure 3 shows the year-over-year (y/y) growth rates for total global production and for China and the rest of the world (ROW) combined.

November output was 5% lower than the same month in 2024, marking the third consecutive month of negative annual growth. ROW production saw growth for the sixth month in a row (up 2% y/y). China’s annual growth rate was negative for the eighth straight month, at -11%.

Regional breakdown

China accounted for 50% of global production in November, producing 69.9 million mt (Figure 4). Down 3% from October, this is the lowest production rate since December 2023. Chinese output has averaged 80.3 million mt per month across the past year. Since 2023, China has consistently accounted for 50-57% of total global production.

ROW steel output eased 3% to 69.9 million mt in November, following the five-month high of 71.3 million mt set in October. ROW production has averaged 70.0 million mt per month over the past year.

Top-producing countries

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

Comparing year-to-date (YTD) output by country with the same period of 2024 reveals modest shifts in market share. In the first 11 months of 2025, German production was down 9% compared with the same period last year. Russia declined 5%, and China, South Korea, and Japan each fell 4%. India was the outlier, with YTD production up 10%.

Brett Linton

Brett Linton is a digital operations 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.