Updated December 24th, 2023 at 13:04 IST

3% surge in November global steel output, India from 'Worldsteel' view

Output data for November released by World Steel Association is a varied mix of the global steel story.

Saqib Malik
The big-wigs of world's steel production ecosystem as seen from a global view | Image: Republic

Decoding World Steel Association November steel output data

Steel surge simplified: While crude steel production across the globe, for the 71 countries reporting to the World Steel Association (worldsteel) was 145.5 million tonne (Mt) in November 2023, a 3.3 per cent increase compared to November 2022, India's finished steel import stood at 4.26 Mt during  April- November 2023 and the import may touch 6 Mt in the current fiscal. This is mainly on account of strong domestic demand, a recent report by Crisil has said.  In its report, World Steel Association, one of the largest and most dynamic industry associations globally, with members in every major steel-producing country, said for the January-November period, production of steel in the 71 nations that account for 85 per cent of world steel output was pegged at 1,715.1 mt, up 0.5 per cent.

China rules the roost: The worldsteel statistics have revealed that China, the world's largest steel maker, saw an output at 76.1 mt in November, up 0.4 per cent from the year-ago period. For the January-November period, China’s output was 1.5 per cent higher at 952.1 mt. Chinese mills have started pushing volumes into the global market at highly competitive prices. Between January-November this year, exports from China increased 35.6 per cent to 82.7 MT - the highest since 2016.  The Chinese exports to India have also surged of late. Notably, Crisil Marketing Intelligence and Analytics, in its recent report, had said that as of November this fiscal, India imported 4.26 Mt of finished steel, up 13.4 per cent Y-O-Y, even as its exports declined 6.2 per cent to 4.03 MT, making the country a net importer of finished steel.

India's double-digit uptick: India reported a 11.4 per cent rise in production at 11.7 mt. Overall, for the January-November period, India’s steel output increased by 12.1 per cent at 128.2 mt. Africa produced 1.8 Mt in November 2023, up 3.1 per cent in November 2022. Asia and Oceania produced 104.8 Mt, up 2.2 per cent. The EU (27) produced 10.6 Mt, up 3.2 per cent. Europe, and others produced 3.7 Mt, up 22.2 per cent. The Middle East produced 4.8 Mt, up 4.0 per cent. North America produced 8.9 Mt, up 3.1 per cent. Russia and other CIS + Ukraine produced 7.4 Mt, up 14.8 per cent. South America produced 3.5 Mt, down 0.6 per cent.

Turkey, Russia production up: The worldsteel, which makes a limited set of data available free of charge via the Steel Data Viewer, said Russia’s production surged by 12.5 per cent to 6.4 mt. While output in the US increased by 6.1 per cent at 6.6 mt, South Korea’s output went up by 11.9 per cent at 5.4 mt. Turkiye and Iran reported production hikes of 25.4 per cent and 7.6 per cent, respectively, at 3 mt each year-on-year. The steel output in Brazil too went up by 3.8 per cent at 2.7 mt.

Japanese, German output stumbles: The worldsteel which represents steel producers, national and regional steel industry associations, and steel research institutes, said steel production in Japan and Germany tumbled by 0.9 per cent and 2.4 per cent, respectively, to end at 7.1 mt and 2.7 mt. Steel industry observers have said that although global prices increased in November by 23 per cent in the US and 6 per cent in Europe, a few domestic steel mills have cut prices by Rs 1,500 per tonne in December from the October list prices with an eye on local demand. 

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