According to data from the World Steel Association (worldsteel), global steel trade showed signs of recovery in 2024. Export volumes, including rolled and semi-finished products, reached 449.2 million tons, an increase of 3.3% compared to 2023.
This increase reflects the gradual recovery in international economic activity as well as continued strong demand for steel in sectors such as infrastructure, construction and mechanical engineering.
China consolidates its leadership
According to the data, China maintained its position as the largest steel exporter in 2024, reaching an export volume of 117.1 million tons. Significantly increasing its exports from 94.3 million tons in 2023, China continued to be a decisive actor in total global steel trade.
China was followed by Japan with 31.2 million tons and South Korea with 28 million tons. While Japan's exports decreased by 3.1% y/y, South Korea's exports increased by 3.7%. The European Union (EU), on the other hand, increased its exports of steel products by 6.9% to 27.8 million tons.
Türkiye further strengthened its position in the global market. Exporting a total of 17 million tons of steel, up 33.8% compared to 2023, Türkiye was among the fastest rising exporters.
EU ranked first in imports
The European Union ranked first in steel imports with 42.8 million tons. The EU was followed by the US with 27.3 million tons and Türkiye with 19.7 million tons. Türkiye's imports increased by 9.4% y/y, while Italy ranked fourth with 18.5 million tons.
There were also notable shifts in the geography of trade flows. Asian countries increased their share in global exports to over 48%, while Europe's share decreased to 27.8%. This showed that Asia-based producers have increased their influence in the world steel trade.
Continued increase in semi-finished products
Global exports of semi-finished products continued to increase in 2024, reaching 54.6 million tons. This figure was recorded as 53.1 million tons in 2023 and 44.6 million tons in 2022.
The product groups with the highest exports were listed as follows:
- Hot rolled sheets and coils: 82 million tons (7.9% increase)
- Galvanized sheet 43.2 million tons (5.4% increase)
- Thick rolled products: 35.5 million tons (2.6% increase)
- Steel pipes and fittings: 37.2 million tons (1.9% increase)
- Cold rolled sheets and coils: 31.9 million tons (6% increase)
Share of exports in production increased
In 2024, global crude steel production decreased by 1% to 1.76 billion tons. However, the share of exports in total production increased from 24% to 25.5%. This increase revealed that the amount of steel traded worldwide is on the rise.
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