Asian countries, led by China, India and Japan, continued to dominate global crude steel production in the first ten months of 2024. These three countries shape the global steel markets by accounting for a large portion of world production.
China
China continued to lead global steel production in the first ten months of 2024, producing 850.7 million tons. With this output, China accounted for more than half of total crude steel production worldwide. In October 2024, China produced 81.9 million tons, an increase of 2.9% compared to the same month in 2023.
China's steel output has gradually increased over the past 10 years, peaking at 1.065 billion tons in 2020. Production rose from 1.013 billion tons in 2022 to 1.019 billion tons in 2023. The peak in 2020 came as a result of pent-up demand and the global economic recovery after the COVID-19 pandemic. Since then, Chinese authorities have imposed restrictions on steel production in a bid to meet climate targets.
India
India ranked second in the world with production of 123 million tons in the first ten months of 2024. The country's steel sector continues to grow on the back of government support, increasing urbanization and renewable energy infrastructure projects. In October 2024, India produced 12.5 million tons, an increase of 1.7% compared to the same month in 2023.
India’s crude steel production reached 140.2 million tons by the end of 2023. India, which overtook Japan in 2019, has been steadily increasing its share of global steel production. The vast majority of steel production in India is carried out using the basic oxygen furnace (BOF) method, of which Tata Steel is a prominent example. There are also alternative methods such as electric arc furnaces and induction furnaces, with the induction furnace method gaining popularity for its use of scrap in stainless steel production.
Japan
Japan ranked third in the world in crude steel production in the first ten months of 2024, producing 70.2 million tons of crude steel. Known for its high-quality steel and advanced manufacturing techniques, Japan continues to be a critical supplier to the automotive and construction sectors. However, it faces challenges such as declining domestic demand and increasing competition from emerging economies. In October 2024, Japan produced 6.9 million tons, a 7.8% decrease compared to the same month in 2023.
Japan produced a total of approximately 87 million tons of crude steel in 2023. Despite the country’s lack of domestic raw materials, it relies heavily on imports of iron ore and coking coal from Australia and Brazil to meet production demands. Japan also continues to play a significant role in the global steel market, exporting millions of metric tons of steel products each year. Major players such as Nippon Steel, JFE Holdings and Kobe Steel continue to dominate the industry.
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