Global steel production rose 3.7% year on year in February to 148.9 million mt, but dropped 5.8% on the month, the World Steel Association's data released on March 22 showed.

Crude steel production in China, the world's largest producer, fell 6.5% month on month to 81.1 million mt, but was 3.4% higher on the year.

According to S&P Global Commodity Insights, China's finished steel exports were strong at the start of 2024 and the country exported 15.91 million mt in the January-February period, up 32% on the year, after exporting almost 91 million mt in 2023, a record high.

Indian crude steel production was 6.8% lower month on month at 11.8 million mt in February, but saw a steeper 11.4% increase year on year as the industry continues to ramp up production.

Crude steel production in Japan, the world's third-largest producer, fell 3.8% compared with January to 6.99 million mt and was largely stable on the year.

Germany, Europe's largest steelmaker, increased its production increased 4.4% on the year to 3.1 million mt in February and was up slightly from 3 million mt in January. The German steel association said March 21 that even though the production rose for the second consecutive month, levels remain comparatively low compared with the previous years as the country's economy remains in recession.

Turkey saw a staggering 46.6% jump on the year to 3 million mt in February. Turkish producers said earlier in the week they have seen an increase in export demand in the first two months of the year, though February production was lower than January's at 3.2 million mt. Due to the use of electric arc furnaces, Turkish producers can adjust production more flexibly compared with predominantly blast furnace-producing countries, such as Germany.