The latest report from the World Steel Association reveals a 4.7% decline in global crude steel production in September, totaling 143.6 million metric tons compared to the previous year.
China, the leading steel producer, experienced a 6.1% decrease in production, while Brazil’s output rose by 9.9%, showcasing its strengthening position in the global steel market.
Iran saw a significant 41.2% drop in production, India had a slight decrease, and Japan reported a 5.8% reduction. However, the United States increased production by 1.2%, while Russia faced a significant 10.3% reduction.
South Korea, Germany, and Turkey also reported positive growth in their steel output, reflecting the dynamic nature of the industry. These numbers highlight the impact of varying economic conditions on each country’s industrial output.
Despite the overall decline in global steel production, there are opportunities for growth and government support may play a crucial role in boosting steel demand in the coming years.