Global steel production faced a downward trend in July, with output dropping by 4.7% year-on-year to 153 million tonnes, according to recent data from the WorldSteel Association (Worldsteel). The decline was heavily influenced by a significant reduction in Asian production, particularly in China, which remains the world’s top steel producer.
China's steel production saw a steep 9% decline in July, contributing to a cumulative 2% drop in the country’s output over the first seven months of 2024. The decrease in Chinese steel output is primarily linked to weakening domestic demand, which has posed ongoing challenges for the industry throughout the year.
Contrastingly, India’s steel sector showed resilience, continuing its upward trajectory with a 7.2% increase in production from January to July. Notably, July alone witnessed a 12% rise in Indian steel output, despite a notable surge in imports, marking a five-month high.
In Europe, steel production recorded modest growth in July, with Germany taking the lead. Other European countries also saw slight increases in output, bolstered by new production capacities, particularly in Turkey.
In the Middle East, July's steel production declined, although the region maintained overall growth for the January-July period compared to the previous year. This performance was notably affected by a significant drop in Iranian production, driven by severe weather conditions and recurrent power outages.
Tags
STEEL
