As we discussed in Commodore Research's most recent Weekly Executive Report, global steel production totaled approximately 144.5 million tons in December. This is down month-on-month by 2.3 million tons (-2%) but is 8.8 million tons (7%) more than was reported last year for December 2023’s production. Steel production outside of China totaled approximately 68.5 million tons. This is up month-on-month by 100,000 tons and is 200,000 tons more than was reported last year for December’s production.
While steel production outside of China has found year-on-year growth again (it previously contracted on a year-on-year basis for three straight months), the growth has largely come from India. Contractions remain ongoing in many nations including Russia, Japan, and South Korea.
Indian steel production totaled 13.6 million tons in December. This is up month-on-month by 1.2 million tons (10%) and is 1.5 million tons (12%) more than was reported last year for December’s 2023’s production. Production has now grownfor twenty-two straight months. December's 12% year-on-year growth has marked the largest growth seen since April.
