Global steel production rose just 0.8% to 146.8 million tonnes in November compared with the same month in 2023, but production fell by 1.4% annualized.
Ten largest steel-producing countries
Germany
Po Germany's steel output rose 8.6% year-on-year to 2.9 million tonnes in November, with output from Europe's largest steelmaker also up 5.3% year-on-year, according to worldsteel. 2023.
Sources said this is likely mainly due to the slowdown in October and November 2023, when production cuts were introduced to balance demand and supply in the European steel market.
The growth may also be partly due to increased production of semi-finished steel products as a replacement for sanctioned Russian materials.
27 European Union member states also reported aggregate growth crude steel production in November compared with the same month in 2023, with output increasing by 3.9% to 10.7 million tons. Annual growth from January to November was 2.2%, with output reaching 119.9 million tons.
However, despite the increase in production, sources said demand for finished flat and long steel products across Europe remains sluggish, and oversupply is often cited as one of the main reasons holding back stronger price increases.
India
India has become the second-largest steel producer , which recorded significant steel production growth in November, with output up 4.5% to 12.4 million tonnes compared with the same month in 2023.
Output for the year ended November also rose, up by 5.9% compared to the same period in 2023, which is the largest annual growth among the top 10 producing countries.
And large steel mills in India have recently tried raise domestic prices for finished steel.
The slight rise in prices comes amid expectations that the Indian government may impose temporary duties on steel imports until the completion of the protective inquiry announced on December 19.
Earlier in In December, the Indian Ministry of Steel proposed to impose a 25% safeguard duty on imports of all major flat products from other Asian countries such as Japan, South Korea and Vietnam.
However, according to Fastmarkets, Higher hot rolled coil prices failed to gain traction as steel demand failed to match supply growth following capacity increases by all major steel mills in India since March.
China
In China, crude steel production rose 2.5% year-on-year in November to 78.4 million tonnes, but production fell 2.7% year-on-year from January to November period of 2023, and slow domestic consumption in the world's largest steel-producing country remains a major concern.
To offset sluggish domestic consumption, China has focused on exports in recent months, sources told Fastmarkets, and, Despite a monthly drop in exports in November compared to the same month in 2023, shipments from the country increased, according to preliminary data from the General Customs management.
Steel exports in November amounted to 9.28 million tons, which is 17% less than 11.18 million tons in October, but 16% more than 8.01 million tons in November 2023 year.
However, competitive prices for Chinese steel in foreign markets have led to increased trade protectionism throughout world.
Russia
According to Worldsteel, estimated steel production in Russia in November decreased by 9.2% year on year to 5.5 million tons, while production also decreased by 7% year on year compared to the same period in 2023.
The main steel consuming industries in Russia were unable to generate sufficient demand to maintain high production rates in the country.
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