According to global crude steel data published by Worldsteel, China has been in the first place for the last four years.
1,064.7 million tons in 2020,
1,032.8 million tons in 2021,
1.018 million tons in 2022,
In 2023, it maintained its top position with 1,019.1 million tons.
According to market analysts, the fact that China still ranks first despite the gradual decrease in production data in 2020, 2021 and 2022 shows that China is in a stronger position compared to other countries.
Resistant demand, which allows factories in the country to increase operating rates, and the government's lack of restrictions on production indicate a stable course in 2023 after a two-year decline in crude steel production. Production restrictions imposed by Beijing to reduce carbon emissions in 2021 caused production to decrease by 3% and 1.7% in 2022.
Over the last two decades, China's coal-driven steel industry has witnessed substantial growth, solidifying its position as the world's largest crude steel producer, contributing to over half of global production in 2022. Among the top ten global steel producers in 2022, six were Chinese companies, predominantly large state-owned enterprises. In 2022, Baowu Group, a key player, alone produced approximately 132 million metric tons of raw steel.
In addition, the decrease in crude steel production in the fifth month in December 2023, decreasing by 11.4% compared to November 2023, was due to some steel producers performing blast furnace maintenance and short-term restrictions on production.
By the end of 2024, China's crude steel production will not decrease due to positive developments in exports; It is anticipated that similar data will be recorded.
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