Crude steel production in China as reported by Worldsteel was 76.0 million metric tonnes in December, 11.8% higher than in December, 2023. Full-year 2024 crude steel production in China was 1,005.1 million tonnes, 1.7% lower than in full-year 2023.
Data from China’s General Administration of Customs show China’s net finished steel exports (exports minus imports) rose 29% compared to December last year. Net finished steel exports for the full year 2023 at 104.3 million tonnes were 26% higher than in 2023.
Worldsteel published December, 2024 and full-year 2024 world crude steel production last Friday. World crude steel output was 144.5 million metric tonnes in December, 2024, 5.6% higher than in December, 2023. Full-year 2024 crude steel production was 1,839.4 million tonnes, 0.9% lower than in full-year 2023.
China produced 1,005 million tonnes of crude steel in 2024, accounting for 55% of world output. China’s production between 2023 and 2024 fell by 1.7% while production in the rest of the world rose by 0.1%. Asian output outside of China rose 1.1% over the same period.
Crude steel production in the European Union 27 countries rose 2.6% between 2023 and 2024 with German output +5.2% and Italian production -5.0%. In North America, US production fell 2.4%, Canadian production rose 0.1% and Mexican output fell 16.5%.
Other significant changes in the top ten world producing countries include declines in Japan (-3.4%) and Russia (-7.0%), but increases in India (+6.3%) and Turkey (+9.4%).
Cold rolled coils in storage at POSCO Pohang Steelworks, South Korea from Worldsteel Image Library
Based on reported import licenses, US long products imports rose 13% from 231,000 short tons in December, 2023 to 261,000 tons in December, 2024. The increase was mainly due to higher Wire Rod imports from Canada and Japan, higher All Other Structural Shapes imports from China and Luxembourg, and higher Rebar imports from Mexico and Bulgaria.
Annual US long products imports in 2024 were 4% lower than in 2023 with a decline in Rebar imports (-28%) offset by and increase in Wire Rod imports (+18%) and Parallel Flange Sections imports (+15%).
US long products import licenses
January 2018 to December 2024
Short tons
“Metal plastic tipped bar chairs supporting reo steel to give correct cover on a suspended slab with reinforced concrete masonry walls.” by Bill Bradley User:[1], CC BY-SA 3.0 http://creativecommons.org/licenses/by-sa/3.0/, via Wikimedia Commons
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.
US flat products import licenses
January 2016 to December 2024
Short tons
Rail sheet coil transport cart in factory by Cihad61cihad from Wikimedia Commons https://commons.wikimedia.org/wiki/User:Cihad61cihad
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.
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.
