The 1601st issue of the bulletin "Branches of the Russian economy: Production, Finance, securities. Ferrous and non-ferrous Metallurgy" of the AK&M News Agency.
In October 2024, global steel production increased again. According to the World Steel Association (WSA), 142.1 million tons of steel were smelted during this period, which is 1% higher than the same indicator in 2023 and 4.5% higher than the total of September 2024. In total, 1,547.3 million tons of steel were smelted in the world in the first ten months of 2024 — 1.6% lower than in the same period of 2023, with China's share of the total smelting volume remaining at 55%. The average daily smelting in October increased 2.5% compared to the previous month, to 4.906 million tons.
In January–October 2024, Russia reduced steel production by 6.8% compared to a year earlier — to 59.4 million tons, retaining fifth place among metal—producing countries (according to WSA). During this period, steel production in the United States decreased by 1.9% to 66.7 million tons, in China — by 3% to 850.7 million tons, in Japan — by 3.7% to 70.3 million tons, in South Korea — by 5.1% to 53.1 million tons. At the same time, India increased steel production by 5.6% to 123 million tons, Germany — by 5% to 31.6 million tons, Turkey — by 12.4% to 30.9 million tons, and Iran — by 0.6% to 25 million tons. In October, according to the WSA, 5.6 million tons of steel were smelted in Russia — 15.2% less than a year earlier.
The most important event for European metallurgists was the likelihood of a re-escalation of the dispute with the United States regarding tariffs on steel and aluminum as a result of the re-election of Donald Trump. After his inauguration, the EU can expect the reintroduction of a 25% duty on European steel. In addition, a re-escalation of the US trade war with China is expected, which may also affect Chinese metallurgists. Global markets reacted by increasing metal prices in the short term, and gold reached a new record value level.
In September, the index of production in the extraction of metal ores in Russia did not change compared to September 2023. The production of iron ore concentrate amounted to 7 million tons (-3.2%), and the production of lead concentrates increased by 34.5% during this period. The production of unprocessed or semi-processed gold, or in powder form, increased by 4.3% compared to September 2023, and increased by 7.4% compared to August 2024. The output of raw or semi—processed silver in September 2024 decreased by 33.1% compared to the same period in 2023, and increased by 7% against the previous month.
This and many other topics are covered in issue No. 1596 of the monthly bulletin "Branches of the Russian Economy: Production, Finance, Securities. Ferrous and non-ferrous Metallurgy" of the AK&M News Agency dated November 27, 2024.
