As we discussed in Commodore Research's most recent Weekly Executive Report, global steel production totaled approximately 139.6 million tons in December. This is down month-on-month by 500,000 tons and is down year-on-year by 4.9 million tons (-3%). Steel production outside of China totaled approximately 71.4 million tons. This is up month-on-month by 1.2 million tons (2%) and is up year-on-year by 2.9 million tons (4%).
Steel production ex-China has now grown on a year-on-year basis for six straight months (last month’s growth has marked the strongest seen since March 2024). Previously, it had contracted during eight of the prior ten months.
Taking India out of the equation, production has grown again on a year-on-year basis as well. It grew year-on-year last month by 1.7 million tons (3%). This has also marked the strongest growth seen since March 2024. Indian steel production totaled a record 14.8 million tons last month This is up month-on-month by 1.1 million tons (8%) and is up year-on-year by 1.2 million tons (9%). India’s steel production has grown year-on-year for thirty-four straight months.
