Global steel production remains steady

Despite some decline in China's production, global carbon steel production remained stable on a monthly and annual basis, despite gradually increasing demand.

29.06.2023 - 11:00

According to worldsteel, with 161.6 million mt produced in 63 countries, global steel tonnage remained almost flat with a +0.1% increase from April to May 2023. The May figure also indicates a -5.1% year-on-year decline in production. The year-to-date global total was 786.0 million metric tons, down -1.2% from the January-May 2022 result.

worldsteel's monthly production summary represents 97.0% of global steel capacity. The report covers carbon steel produced in basic oxygen or electric arc furnaces and cast into semi-finished forms such as billet, slab and blooms. Special and stainless steel volumes are not included in these data.

The association had recently estimated that 2023 steel demand would increase by 2.3 percent to 1.82 billion metric tons in 2023, followed by a further 1.7% increase to 1.85 billion metric tons in 2024.

According to the global result, production increased in all major producing countries, with the exception of China, which decreased production by -2.8% in April to 90.1 million mt in May. The new total brings the year-to-date production total to 444.6 million metric tons for 2022, which is -7.3% lower than what Chinese steelmakers produced in May 2022, 1.6% above the five-month production.

India's steel production has progressed steadily over the past two years and has risen again in May - reaching 11.2 million metric tons in the last month, up 4.5 percent from April. This total is 4.1% higher than the May 2022 figure, bringing the year-to-date total of Indian steel production to 56.4 million metric tons.

May steel production in Japan totaled 7.6 million metric tons, up 5.3% from April, but down -5.2 percent from May 2022. Year-to-date production total was 36.5 million tons, -5.3% lower than the January-May 2022 result.

US steel production rose 4.3% from April to May, with the latest monthly total reaching 6.9 million metric tons (7.6 million short tons). This figure is -2.3% lower than the May 2022 total, and the year-to-date total amounted to 33.1 million mt (36.5 mt), down -3.4% from last year's five-month result.