Global Steel Production is Declining, Turkey's Rise Continues

Significant Developments in the Global Steel Market

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

Changes Among the World’s Largest Steel Producers

The world's largest steel producer, China, experienced a 10.9% decrease in production, dropping to 69.9 million tons. On the other hand, Japan saw its production decrease by 1.6% to 6.8 million tons, while the USA increased its production by %8.5 to 6.8 million tons. Additionally, production in Germany decreased by %2.6 to 2.8 million tons, and in South Korea, it fell by %4.8 to 5 million tons.

Positive Data from Turkey

In November, Turkey's crude steel production increased by %10 to 3.3 million tons. The total production for Turkey in the January-November period was recorded as 34.6 million tons, representing a %2 increase.

Moreover, production in Brazil rose by %0.7 to 2.8 million tons, while Iran achieved a production increase of %9.2 to 3.4 million tons.

Continued Decline in Global Steel Production

In the January-November period of 2024, global crude steel production declined by 2%, amounting to 1 billion 662 million tons. In China, production decreased by %4 to 891.7 million tons.

New Measures from China

Lastly, the Ministry of Commerce of China announced plans to implement a licensing system starting in 2026 to control steel exports. This move is seen as a response to criticisms regarding cheap steel from China in Europe.