Global Steel Production is Declining, While Turkey's Rise Continues

Significant Developments in the Global Steel Market

The Brussels-based World Steel Association (Worldsteel) announced the raw steel production data for November 2024. Global raw steel production decreased by 4.6 percent compared to the same month last year, falling to 140.1 million tons.

Changes in the World's Largest Steel Producers

The world's largest steel producer, China, saw a 10.9 percent decrease in production, dropping to 69.9 million tons. Meanwhile, Japan's production decreased by 1.6 percent to 6.8 million tons, while the United States experienced an 8.5 percent increase, rising to 6.8 million tons. Additionally, Germany saw a 2.6 percent decrease, producing 2.8 million tons, and South Korea experienced a 4.8 percent decrease, producing 5 million tons.

Positive Data from Turkey

In November, Turkey's raw steel production increased by 10 percent, reaching 3.3 million tons. Turkey's total production for the January-November period was 34.6 million tons, representing a 2 percent increase.

Furthermore, production in Brazil rose by 0.7 percent to 2.8 million tons, while Iran achieved a 9.2 percent increase, producing 3.4 million tons.

Continued Decline in Global Steel Production

In the January-November 2024 period, global raw steel production declined by 2 percent, totaling 1 billion 662 million tons. In China, production fell by 4 percent, dropping to 891.7 million tons.

New Measures from China

Finally, the Chinese Ministry of Commerce announced plans to implement a licensing system starting in 2026 to control steel exports. This is seen as a response to criticisms of cheap Chinese steel in Europe.