World crude steel production fell 1.6 percent year on year to 148.1 million tonnes in January 2024, the World Steel Association reported on 23 February. China, the world's largest producer, was estimated to have made 77.2 million tonnes in the month, down 6.9 percent on January 2023, as mills carried out maintenance and seasonal demand stayed weak around the Lunar New Year holiday. The 71 countries reporting to the association account for about 98 percent of total world crude steel production. The soft start to the year followed a flat 2023, when global output was essentially unchanged at 1,888.2 million tonnes. Traders were watching whether Chinese construction activity and manufacturing orders would pick up in the spring, after the holiday period, and whether mills would restore output as margins remained under pressure from high raw material costs and falling steel prices.
Source: World Steel Association — https://worldsteel.org/media/press-releases/2024/january-2024-crude-steel-production/?ref=scetrader.nl
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