Steel Trade Update - 27 February 2025

Global market

In January 2025, global steel output declined by 4.4% year-on-year, to 151.4 million tonnes (Mt), owing to weak market fundaments in the major markets. Production rates in Asia fell by 4.4%, to 111.9 Mt, while in the European Union – by 3.3%, reaching 10.3 Mt. North America's crude steel output inched down by 0.5%, to 9.0 Mt.

Asia

Chinese steelmakers reduced production rates by 5.6% in January 2025 on the year before, to 81.9 Mt, amid persistent weakness in the construction industry. China's new construction starts declined in 2024 by 23% year-on-year, as repored by the National Bureau of Statistics. The automotive sector remained strong as automobile production reached 2.45 million units in January, a rise of 1.7% on the year, according to the China Association of Automobile Manufacturers. 

EMEA

In January, Italian steelmakers were able to increase output of longs products by 2.6% year-on-year, likely supported by extended maintenance periods in December and limited import options, while flats production declined by 1.9% over the same period. Crude steel output reached 1.7 Mt, a rise of 2.8%. At the same time, German steel production was negatively affected by a rapid surge in energy prices along with a slow start to the year.

North America

Reflecting expectations of tighter trade measures and higher prices, US steel imports surged in January 2025 by 20.1% compared to the same month last year, according to preliminary data from the U.S. Census Bureau.