Global Steel Production is Decreasing, but the Rise Continues in Turkey.

Important Developments in the World Steel Market

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

Changes Among the World's Largest Steel Producers

The world's largest steel producer, China, saw a 10.9 percent reduction in production, down to 69.9 million tons. On the other hand, Japan's production decreased by 1.6 percent to 6.8 million tons, while the USA saw an increase of 8.5 percent, reaching 6.8 million tons. Additionally, Germany experienced a 2.6 percent decline, producing 2.8 million tons, and South Korea faced a 4.8 percent drop, yielding 5 million tons.

Positive Data from Turkey

In November, Turkey's crude steel production rose by 10 percent to 3.3 million tons. The total production for Turkey during the January-November period was registered as 34.6 million tons, representing a 2 percent increase.

Additionally, production in Brazil increased by 0.7 percent to 2.8 million tons, while Iran saw a 9.2 percent rise, producing 3.4 million tons.

Continuous Decline in Global Steel Production

During the January-November 2024 period, global crude steel production decreased by 2 percent, amounting to 1 billion 662 million tons. In China, production decreased by 4 percent, down 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 move is perceived as a response to criticisms regarding the influx of cheap steel from China into Europe.