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Based on reported import licenses, US flat products imports rose 3% from 694,00 short tons in December, 2023 to 718,000 tons in December, 2024. The increase was mainly due to higher cold rolled imports from Taiwan and Mexico, together with increased hot rolled imports from South Korea, which were both offset by lower cut plate imports from South Korea.
US flat products imports in 2024 were 12% higher than in 2023 with hot dip galvanized +36%, cold rolled +30%, cut plate -7%, and hot rolled -6%. The increase in hot dip galvanized imports was mainly due to higher volumes from Vietnam, while Vietnam also increased cold rolled imports significantly year-on-year.
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Worldsteel reported November crude steel production in China at 78.4 million metric tonnes, 2.5% higher than in November, 2023. Chinese production in the first eleven months of 2024 was 3.4% lower than in the same period last year.
China’s General Administration of Customs reported net finished steel exports (exports minus imports) in November at 8.8 million tonnes, 19% higher than in November, 2023. Net finished steel exports in the first eleven months of 2024 were 25% higher than in the first eleven months of 2023.
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Worldsteel published November, 2024 world crude steel production today. World crude steel output in November was 146.8 million metric tonnes, 0.8% higher than in November, 2023.
China produced 78.4 million tonnes in November, accounting for 53% of world output and rising 2.5% compared to November, 2023. Asia and Oceania output outside of China, which now accounts for 20% of world output, rose 0.7%% on last November due to rising production in India (+4.5%) and despite a decline in Japan (-3.1%) and South Korea (-3.6%).
North American production fell 5.2% on last November following a 2.8% decline in the US. European Union production rose 3.9% with German output up 8.6%. Russian output was estimated to have declined 9.2% on last November.
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Based on reported import licenses, US long products imports fell 14% from 251,000 short tons in November, 2023 to 217,000 tons in November, 2024. The decline was due to lower rebar imports from Algeria, Portugal and Spain, as well as lower wire rod imports from Ukraine.
US long products imports in the first eleven months of 2024 were 5% lower than in the same period last year with a decline in rebar imports (-32%) offset by an increase in wire rod (+18%) and parallel flange sections (+22%) imports.
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The latest episode of The Green Steel Challenge, released today, features Nicole Voigt, Managing Director and Partner at the world-renowned consulting firm BCG. Nicole discusses BCG’s in-depth study of consumers’ willingness to pay a premium for products made of decarbonized materials. She also presents her vision of how steelmaking in Europe will decarbonize following a two-step process; the first step consuming DRI produced locally and the second step importing DRI/HBI from other regions.
The Green Steel Challenge podcasts are produced by the Korf Foundation and Kallanish Commodities and the discussion is all about how exactly we can deliver Green Steel. The next podcast guest will be Maria Persson Gulda, Chief Technology Officer at Stegra, viewable January 28th, 2025.
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