Summary: Recently, the World Steel Association released the latest statistical data, revealing the severe situation faced by the global steel industry in August 2024. Data shows that the total crude steel production of 71 countries included in the statistics reached 144.8 million tons worldwide in that month, but this figure decreased by 6.5% compared to the same period last year, highlighting the widespread pressure in the industry.
Recently, the World Steel Association released the latest statistical data, revealing the severe situation faced by the global steel industry in August 2024. Data shows that the total crude steel production of 71 countries included in the statistics reached 144.8 million tons worldwide in that month, but this figure decreased by 6.5% compared to the same period last year, highlighting the widespread pressure in the industry.
Regional differentiation is evident, with most regions experiencing a decline in production
From the perspective of regional distribution, the changes in global steel production show significant regional differences. The crude steel production in Africa in August was 1.9 million tons, a year-on-year decrease of 7.2%, reflecting the challenges faced by the steel industry in the region. Asia and Oceania, as important bases for global steel production, have crude steel production of 107.1 million tons, but they have also not been spared from the downward trend, with a year-on-year decrease of 8.0%. This data undoubtedly brings heavy pressure to the global steel market.
The EU is growing against the trend, and Europe’s performance varies
Unlike most regions, the European Union (27 countries) achieved a positive increase in crude steel production in August, reaching 9.1 million tons, a year-on-year increase of 2.2%. This achievement is particularly prominent against the backdrop of a global decline in the steel industry, demonstrating the relative resilience of the EU steel industry in addressing challenges. Meanwhile, other European countries also performed well, with crude steel production reaching 3.7 million tons, an increase of 8.4% year-on-year, further strengthening the position of the European steel industry in the global market.
Production in North America, the Middle East, and the Commonwealth of Independent States is declining
However, not all regions can achieve growth like the European Union. The crude steel production in North America was 9 million tons, a year-on-year decrease of 3.8%, indicating the vulnerability of the region’s steel industry in the face of global economic uncertainty. The crude steel production in the Middle East has not been spared from a downward trend, with a year-on-year decrease of 3.2%. In addition, the crude steel production of Russia and other CIS countries+Ukraine was 7 million tons, a year-on-year decrease of 8.7%, which was affected by multiple factors such as geopolitical conflicts and economic sanctions.
Small growth in South America, industry outlook to be observed
It is worth noting that the South American region achieved a slight increase in crude steel production in August, reaching 3.6 million tons, a year-on-year increase of 0.8%. Although the increase is not significant, it still appears valuable against the backdrop of a general decline in the global steel industry. This change may indicate that the steel industry in South America has a certain degree of flexibility and adaptability in responding to challenges.
Summary and Prospect
In summary, the global steel industry is facing severe challenges in August 2024, with crude steel production declining in most regions. However, the counter trend growth in some regions such as the European Union has also brought a glimmer of hope to the industry. Looking ahead, the global steel industry needs to continue to strengthen technological innovation, optimize industrial structure, and improve resource utilization efficiency to cope with the increasingly complex and changing market environment. At the same time, governments and enterprises of various countries should strengthen cooperation and jointly promote the sustainable development of the global steel industry.
Post time: Oct-10-2024