April witnesses 5% dip in global steel output

24 May 2024 CW Team

In April 2024, global crude steel output experienced a decline of 5 per cent, amounting to 155.7 million tonnes (mt), compared with the 164 mt recorded in the corresponding period the previous year. According to the World Steel Association (worldsteel), China, the leading producer, witnessed a decrease in output to 85.9 mt in April, marking a 7.2 per cent decline from the previous year. India, on the other hand, reported a 3.6 per cent increase in production, reaching 12.1 mt.

There was a significant increase in production in Germany, which saw a surge of 6.4 per cent, totaling 3.4 mt. Similarly, Turkiye experienced a 4.5 per cent surge in production, reaching 2.8 mt. Conversely, Iran's output decreased by 12.3 per cent to 2.7 mt, and South Korea witnessed a production decline of 10.4 per cent to 5.1 mt. Russia's production decreased by 5.7 per cent to 6.2 mt. The United States and Japan observed a decline in output by 2.8 per cent and 2.5 per cent, respectively, reaching 6.7 mt and 7.1 mt. Brazil's production also experienced a slight decrease of 2.1 per cent, amounting to 2.7 mt.

Regionally, Africa saw a 1.4 per cent increase in output, while the EU experienced a 1.1 per cent increase. However, Europe (Others) witnessed a decrease of 2.6 per cent in output. The steel production in Asia and Oceania plunged by 5.8 per cent. In West Asia, production plummeted by 8.2 per cent, and North America's output slipped by 5.2 per cent. South America's steel production decreased by 3.9 per cent compared to April 2023 figures. Russia and other CIS nations saw a decline of 3.5 per cent in their figures.

The World Steel Association, in its short-range outlook, forecasted that demand would see a 1.7 per cent rebound this year, reaching 1,793 mt. Steel demand is predicted to grow by 1.2 per cent in 2025, reaching 1,815 mt.

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