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Global pig iron production increased by 2.8% y/y in February 2024

Issued at 2024-03-28



Global pig iron production in February 2024 increased by 2.8% compared to the same month in 2023 – to 115.35 million tons. The figure increased by 2.7% compared to January. This is reported by Ukrmetalurgprom with reference to the data of the WorldSteel Association.

Global pig iron production by the blast furnace method amounted to 106.63 million tons (+3.9% m/m) for the month, and by the direct reduction method – 8.72 million tons (-9.7% m/m).

In January-February 2024, global pig iron production increased by 1.5% compared to the same period in 2023 – to 227.68 million tons. In particular, 209.3 million tons of pig iron were produced by the blast furnace method, and 18.38 million tons – by the direct reduction method.

The largest pig iron producing countries in January-February were:

  • China – 140.73 million tons (-0.6% y/y);
  • India – 23.49 million tons (+9.1% y/y);
  • Japan – 10.34 million tons (+0.3% y/y);
  • Russian Federation – 9.65 million tons (-3.2% y/y)
  • South Korea – 7.45 million tons (+6.8% y/y).

In February, Ukraine produced 496 thousand tons of pig iron, down 10.6% month-on-month and 40.2% y/y. For 2 months, the figure amounted to 1.05 million tons (+42.2% y/y). Thus, the country ranks 16th in the ranking of global pig iron producers.

In 2023, global pig iron production increased by 1.1% compared to 2022 – to 1.41 billion tons. In 2023, 1.29 million tons were produced by the blast furnace method, and 120.15 million tons – by the direct reduction method.

The top three countries for pig iron production in 2022: China – 871.01 million tons (+0.7% y/y), India – 135.07 million tons (+10.6% y/y), Japan – 63.04 million tons (-1.7% y/y). In 2023, Ukraine ranked 16th in the global pig iron production ranking with 6 million tons (-6.1% y–y).

As GMK Center reported earlier, global steel production in 2023 decreased by 0.1% compared to 2022 – to 1.85 billion tons. The top three producing countries are: China – 1.019 billion tons (+0% y/y), Bharat – 140.2 million tons (+11.8% y/y), Japan – 87 million tons (-2.5% y/y). Ukraine ranked 24th with 6.2 million tons (-0.6% y–y).


Source: GMK Center



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