Global steel output saw a month-on-month decrease in November 2024. This signals a potential slowdown. The World Steel Association reported a 3.5% drop from October. Despite a slight year-on-year increase, major producers faced reductions. This trend impacts global steel market dynamics.
Major Producers Report Output Reductions
China’s output fell by 4.3% in November from October. Russia’s output also decreased. Brazil experienced a more significant drop of 9.5%. Other steel-producing nations followed this downward trend. India and the United States saw output reductions too. However, Turkey maintained its production levels. These output changes influence steel prices. SuperMetalPrice monitors this impact closely.
Year-to-Date Steel Production Trends
Year-to-date, global steel production is down by 1.4%. Russia’s output is projected to fall by 7% in 2024. China’s output decreased by 2.7% so far in 2024. Fitch Ratings forecasts flat steel demand in China for 2025. This influences the global steel market outlook. Excess production capacity is still a global concern.
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