As we discussed in Commodore Research's most recent Weekly Executive Report, global steel production totaled approximately 141.8 million tons in February. This is down month-on-month by 5.5 million tons (-4%) and is down year-on-year by 2.9 million tons (-2%). Steel production ex-China totaled approximately 65.7 million tons. This is down month-on-month by 6.3 million tons (-9%), is down year-on-year by 100,000 tons, and is the smallest amount produced since 2023.
Steel production ex-China had previously grown on a year-on-year basis for seven straight months (before that period, it had contracted during eight of the prior ten months).
Taking India out of the equation, production also reverted back to a contraction. Steel production ex-Chin/India contracted on a year-on-year basis last month by 1 million tons (-2%). Previously, it grew year-on-year for four straight months. Indian steel production totaled 13.6 million tons last month. This is down month-on-month by 1.5 million tons (-10%) but is up year-on-year by 900,000 tons (7%). India’s steel production has grown year-on-year for thirty-six straight months.
Indian steel production totaled 13.6 million tons last month. This is down month-on-month by 1.5 million tons (-10%) but is up year-on-year by 900,000 tons (7%). India’s steel production has grown year-on-year for thirty-six straight months.
