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Based on reported import licenses, US flat steel products imports rose 14% from 650,000 short tons in October, 2023 to 744,000 tons in October, 2024. The increase was mainly due to higher hot dip galvanized imports from Vietnam, Brazil and South Korea, as well as higher cold rolled imports from Australia. Higher hot dip and cold rolled imports were offset by lower cut plate imports from South Korea and Malaysia.
US flat products imports in the first ten months of 2024 were 13% higher than in the same period last year with hot dip galvanized +43%, cold rolled +31%, cut plate -8%, and hot rolled -7%.
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Worldsteel reported crude steel production in China at 77.1 million metric tonnes in September, 6.1% lower than in September, 2023. Chinese production in the first nine months of 2024 was 4.6% lower than in the same period last year.
China’s General Administration of Customs reported net finished steel exports (exports minus imports) in September at 9.6 million tonnes, 29% higher than in September, 2023. Net finished steel exports in the first nine months of 2024 were 41% higher than in the first nine months of 2023.
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Worldsteel published September, 2024 world crude steel production today. World crude steel output in September was 143.6 million metric tonnes, 4.7% lower than in September, 2023.
China produced 77.1 million tonnes in September, accounting for 54% of world output and falling 6.1% compared to September, 2023. Asia and Oceania output outside of China, which now accounts for 20% of world output, fell 1.9% on last September due to declining production in Japan (-5.8%) and steady production in India (-0.2%).
North American production fell 3.4% on last September, though US output rose 1.2%. European Union production rose 0.3% with German output up 4.3%. Other significant changes year-on-year include declines in Russia (estimated -10.3%) and Iran (-41.2%).
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Based on reported import licenses, US long products imports rose 10% from 202,000 short tons in September, 2023 to 222,000 tons in September, 2024. The increase was mainly due to higher wire rod imports from Canada, Japan, and Algeria.
US long products imports in the first nine months of 2024 were 3% lower than in the same period last year with a decline in rebar imports (-32%) offset by an increase in wire rod imports (+25%) and parallel flange sections imports (+33%).
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In its latest Short Range Outlook (SRO) published today, Worldsteel expects world steel demand in 2024 to reach 1,751 million tonnes. The new forecast lowers estimated demand growth between 2023 and 2024 from 1.7% in its April, 2024 SRO to -0.9% in the newly released figures. World steel demand is expected to grow by another 1.2% in 2025.
China, which accounts for 51% of world steel demand, is expected to have 3.0% lower steel demand in 2024 and 1.0% lower steel demand in 2025. Steel demand outside China is expected to rise by 1.2% in 2024 and by another 3.3% in 2025, driven notably by demand growth in India (+8.0% in 2024 and +8.5% in 2025).
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