| Between January and November 2024, the company’s production decreased by 2.7% year-on-year. In November 2024, Chinese steelmakers reduced production by 4.3% compared to the previous month but recorded a 2.5% increase compared to November 2023, producing 78.4 million tons, according to Reuters.
Average daily steel production in November was approximately 2.61 million tons, slightly lower than October’s 2.64 million tons but higher than 2.54 million tons in November 2023.
The month-on-month decline in steel production was largely attributed to reduced profit margins for steelmakers due to seasonally lower demand and stable iron ore prices. Additionally, steel consumption was impacted by cold weather in northern China, which brought construction activity to a standstill.
Data from LSEG indicates that rebar prices dropped by 2.1% in November, while iron ore prices rose by 3.1% during the same period.
From January to November 2024, China’s steel production totaled 929.19 million tons, representing a 2.7% year-on-year decrease. The overall figure is projected to decline by 2% for the year 2024.
