Update on Global Steel Trade Data - 25 October 2024

25 October 2024: Global crude steel output fell by 4.7% in September compared to the same month in 2023, to 143.6 MT amid a prolonged downturn in the industry. 

In China, following a 10.4% drop in crude steel production rates in August year-on-year, September’s figures declined by 6.1% over the same period, to 77.1 MT. Finished steel output was lower by 2.4% in September, totalling 117.3 MT. In the meantime, export shipments of finished steel products from China increased by 23.5% in September this year, against a 14.7% rise in August compared to the same periods last year, indicating strong interest from overseas markets due to competitive pricing. But China’s economy underperformed expectations earlier this year, putting significant pressure on local demand.

In Turkey steel output rose by 6.5% in September on the year, to 3.1 MT. Production rates in Germany improved sharply, gaining 4.3% last month on a year before, reaching 3 MT, while Italy’s output was much lower over the same period, totalling 1.8 MT as the country continued facing much higher costs compared to its neighbours.