2024 marked a critical year of deep adjustment for the steel industry, characterized by “three highs and three lows”: high production, high costs, high exports, low demand, low prices, and low profitability. The industry has clearly entered a phase of “volume reduction and stock optimization.”
Key Data and Trends
Production and Consumption
1. Crude Steel Production: 1.005 billion tons, down 1.7% year-on-year, meeting the targeted reduction.
2. Pig Iron Output: 852 million tons, down 2.3%.
3. Apparent Crude Steel Consumption: 892 million tons, down 5.4%, with consumption declining faster than production.
4. Sectoral Trends: Steel used in construction fell to 50% of total consumption, while manufacturing steel rose from 42% in 2020 to 50% in 2024.
Steel Exports and Imports
Steel Exports:Volume: 111 million tons, up 22.7% year-on-year.
Average Price: $755/ton, down 19.3%.
Revenue: $83.6 billion, down 1.1%.
Steel Imports:Volume: 6.82 million tons, down 10.9%.
Average Price: $1,689/ton, up 1.8%.
Import Value: $11.5 billion, down 9.2%.
Net Crude Steel Exports: 113 million tons, a 31.5% increase, hitting a record high.
Challenges and Outlook
The steel industry remains under pressure from weak demand and pricing challenges. However, the ongoing adjustments to optimize structure and efficiency signal a shift towards long-term sustainability and growth.
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