China’s crude steel output in 2024 hit a five-year low, declining by 1.7% compared to the previous year. Official data from the National Bureau of Statistics revealed that the world’s largest steel producer manufactured 1.005 billion metric tons of crude steel last year. The drop reflects a prolonged crisis in China’s property market, which has significantly weakened demand.
China’s steel production has been on a downward trend since peaking at 1.065 billion tons in 2020. Analysts predict that 2024 may be the last year China’s crude steel output surpasses 1 billion tons. In 2025, production is expected to fall below this threshold due to continued demand contraction and government policies restricting output growth.
Several reasons contributed to the shrinking steel output:
Despite the decline in domestic demand, China’s steel exports reached their highest level since 2015. The country exported 110.72 million tons of steel in 2024, sparking global trade tensions. Major producers in Japan, India, and other regions expressed concerns over the influx of low-cost Chinese steel products, which they argue are harming local industries.
However, experts believe that steel exports will remain high in 2025 due to persistent oversupply issues. For December 2024 alone, steel production increased by 11.8% year-on-year, reaching 75.97 million tons. This suggests that while domestic demand remains weak, manufacturers are relying on international markets to sustain production levels.
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China’s crude steel output in 2024 fell to a five-year low due to weak demand. Analysts predict production will drop further in 2025.
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