Global Crude Steel Production in October 2024: China's Role and Turkey's Rise

Significant Decline in Global Crude Steel Production

The World Steel Association, based in Brussels, released crude steel production data for October 2024. According to the report, global crude steel production decreased by 5.9% compared to October 2023 data, falling to 143.3 million tons.

Decrease in China's Steel Production

China, which has the highest steel production capacity in the world, reduced its production by 12.1% in October, bringing it down to 72 million tons. This change has had a significant impact on the global market, with the reasons for China's production decline including reduced demand and environmental regulations.

Production Data from Other Countries

Looking at other major steel producers, Japan's production decreased by 1%, falling to 6.9 million tons. However, the USA showed a significant increase in steel production, rising by 9.4% to 7 million tons. Germany's production fell by 3% to 3.1 million tons, while South Korea declined by 5.8%, dropping to 5.1 million tons.

Turkey's Success

Turkey, notable for its steel production, increased its crude steel production by 3.1% to 3.2 million tons in October 2023. This demonstrates the stability of Turkey's steel industry.

Global Production Trends

As of the January-October period of 2023, global crude steel production has decreased by 2.1% compared to the same period in 2020, falling to 1 billion 517 million tons. Despite a 2.7% decline to 3 million tons, Brazil has seen a decrease, while Iran has reached 3.3 million tons with a growth rate of 12%.