Global steel production totaled approximately 161.4 million tons in June. This is down month-on-month by 3.7 million tons (-2%) but is 2.6 million tons (2%) more than was reported last year for June 2023’s production. Steel production outside of China totaled approximately 69.8 million tons. This is down month-on-month by 2.4 million tons (-3%) but is 2.1 million tons (3%) more than was reported last year for June 2023’s production.
Steel production outside of China has now grown on a year-on-year basis for ten straight months. Very positive is that while it appeared that production would enter contraction soon, June saw a rebound in year-on-year growth. Year-on-year growth had been falling since March and came in at only 700,000 tons in May, but June enjoyed a jump. For now, growth remains sustained. Year-on-year growth experienced a particularly strong rebound in the European Union, and it has stayed robust in India.
Indian steel production totaled 12.3 million tons. This is 100,000 tons (1%) more than was produced in May and is 1.1 million tons (10%) more than was reported last year for June 2023’s production. India’s production has now increased on a year-on-year basis for sixteen straight months.
EU production totaled 11.1 million tons. This is 600,000 tons (-5%) less than was produced in May but is 500,000 tons (2%) more than was reported last year for June 2023’s production. Production has now grown on a year-on-year basis for three straight months. Before the last three months, EU production had fallen on a year-on-year basis during twenty-six of the previous twenty-eight months.
