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Global Steel Production Declines, But Brazil’S Output Rises
(MENAFN- The Rio Times) The World Steel Association reported a 4.7% decline in global crude steel production in September compared to the previous year, reaching 143.6 million metric tons.
This decrease reflects a broader trend in the industry, with various countries experiencing shifts in their steel output. China, the world's largest steel producer, saw its production drop by 6.1% to 77.1 million metric tons.
This decline aligns with the ongoing slowdown in the Real estate sector. Analysts predict that China's share of global steel consumption will fall below 50% in 2024.
However, increased government support could potentially boost steel demand by 2025. Contrastingly, Brazil's steel production rose by 9.9%, reaching 2.8 million metric tons.
This growth highlights Brazil's strengthening position in the global steel market. Other countries showed varied results in their steel production.
Iran's output fell by 41.2% to 1.5 million metric tons, while India produced 11.7 million metric tons, a slight decrease of 0.2%. Japan's production dropped by 5.8% to 6.6 million metric tons.
In North America, the United States increased its production by 1.2%, totaling 6.7 million metric tons. Russia experienced a significant reduction of 10.3%, producing 5.6 million metric tons.
South Korea saw a modest increase of 1.3% in its steel output, reaching 5.5 million metric tons. Germany and Turkey also reported increases; Germany produced 3.0 million tons, up by 4.3%, and Turkey produced 3.1 million tons, up by 6.5%.
These figures illustrate the dynamic nature of global steel production and underscore the varying economic conditions influencing each country's industrial output.
This decrease reflects a broader trend in the industry, with various countries experiencing shifts in their steel output. China, the world's largest steel producer, saw its production drop by 6.1% to 77.1 million metric tons.
This decline aligns with the ongoing slowdown in the Real estate sector. Analysts predict that China's share of global steel consumption will fall below 50% in 2024.
However, increased government support could potentially boost steel demand by 2025. Contrastingly, Brazil's steel production rose by 9.9%, reaching 2.8 million metric tons.
This growth highlights Brazil's strengthening position in the global steel market. Other countries showed varied results in their steel production.
Iran's output fell by 41.2% to 1.5 million metric tons, while India produced 11.7 million metric tons, a slight decrease of 0.2%. Japan's production dropped by 5.8% to 6.6 million metric tons.
In North America, the United States increased its production by 1.2%, totaling 6.7 million metric tons. Russia experienced a significant reduction of 10.3%, producing 5.6 million metric tons.
South Korea saw a modest increase of 1.3% in its steel output, reaching 5.5 million metric tons. Germany and Turkey also reported increases; Germany produced 3.0 million tons, up by 4.3%, and Turkey produced 3.1 million tons, up by 6.5%.
These figures illustrate the dynamic nature of global steel production and underscore the varying economic conditions influencing each country's industrial output.
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