As we discussed in Commodore Research's most recent Weekly Dry Bulk Report, global steel production totaled approximately 143.6 million tons in September. This is down month-on-month by 1.2 million tons (-1%) and is 5.7 million tons (-4%) less than was reported last year for September 2023’s production. Steel production outside of China totaled approximately 66.5 million tons last month. This is down month-on-month by 400,000 tons (-1%) and is 700,000 tons (-1%) less than was reported last year for September’s production.
Steel production outside of China has finally contracted on a year-on-year basis (ironically, just before China’s own steel production has returned to finding growth). Previously, steel production outside of China had grown on a year-on-year basis for twelve straight months.
In China, the most recent data has shown that daily crude steel output at large and medium-sized mills averaged 2.07 million tons during October 11 - October 20. This is up by 1% from the previous ten days and is up year-on-year by 1%. Previously, year-on-year growth in China’s steel production was last seen during late May through early June.
