In January-November 2024, EU scrap exports decreased by 9.3% compared to the same period in 2023, totaling 15.6 million tons. Turkey remains the largest importer, accounting for over 60% of total exports. Declines in exports to India and Pakistan indicate regional demand shifts. EU initiatives to preserve scrap for domestic production may further impact future exports.

In November 2024, the EU's industrial production increased by 0.1% month-on-month, with the euro area showing a slighter rise of 0.2%. However, compared to the previous year, production fell by 1.7% in the EU and 1.9% in the euro area. Belgium, Malta, and Lithuania led the monthly growth, while Ireland, Luxembourg, and Portugal saw declines. Annualized data and energy production figures also revealed mixed results. The ECB recently cut interest rates, predicting inflation to average 2.4% in 2024.

US President Joe Biden has blocked the proposed acquisition of US Steel by Nippon Steel due to national security concerns. Despite Nippon Steel's promises to invest $2.7 billion and retain the workforce, CFIUS did not support the deal. The United Steelworkers union applauds Biden's decision, while US Steel and Nippon Steel plan to take legal action, arguing the decision lacks credible evidence and sacrifices the future of American steelmakers.

Nippon Steel has postponed the closing date for its acquisition of US Steel to the first quarter of 2025. The decision follows a review by CFIUS and awaits President Biden's final approval. The Japanese steelmaker remains confident in the deal, which faces opposition from labor unions and politicians. Nippon Steel has offered to relocate its US headquarters to Pittsburgh to mitigate concerns.

Japanese steelmaker Nippon Steel and trading house Sojitz will acquire a 49% stake in Champion Iron’s Canadian iron ore project for $152 million. Nippon and Sojitz will own 30% and 19% of the shares, respectively, and will share development and construction costs in accordance with their share in the mine, Champion said in a statement.

Baosteel, a leading Chinese steelmaker, has announced that it will maintain current prices for hot rolled coil (HRC), cold-rolled coils, plates, and galvanized steel for January 2025 sales. The only exception is polymer-coated steel, which will see a price increase of RMB 100 per tonne. This pricing strategy remains consistent with December's prices, as domestic demand remains low. Despite this, Baosteel aims to increase steel exports to 10 million tons per year by 2028, with record-high exports achieved in the first half of 2024.

The global hot-rolled coil market experienced uncertainty in November 2024, with consumer activity declining due to weak demand and economic instability. Despite slight price increases in some regions, producers faced difficulties due to excess inventories and competition from imported suppliers. The European market showed relative stability, while the US market saw a noticeable decline in prices. In China, the market was volatile, ending the month with a slight decrease. The outlook remains uncertain, as production is expected to decline before the holiday season. Factors such as weak demand from key industries, anti-dumping investigations, and domestic overcapacity pose challenges for the market.

India's iron ore demand is forecast to grow by over 50% by 2030 due to significant increases in steel production. Supported by construction, infrastructure, automotive, and engineering sectors, steel demand is expected to reach new heights. Factors such as urbanization, housing initiatives, and major infrastructure projects will also contribute to this growth. By FY2030/2031, Indian steelmakers are projected to consume 350 million tons of ore, with iron ore production reaching nearly 390 million tons. However, the availability of high-iron-content ore remains a concern.

Nucor, a leading US steelmaker, has announced a $10/t increase in its weekly spot price for hot-rolled coils, bringing the base price to $750 per short tonne. This marks the first price hike in November after a period of stagnation in the market. The move comes amidst changing dynamics in the steel industry, including a decline in imports and uncertainty in consumer demand. Stay updated with the latest trends in the US steel market.

JSW Steel and POSCO have signed a cooperation agreement to jointly invest $7.7 billion in the construction of a steel plant in Odisha, India. The plant, with an initial capacity of 5 million tons per year, is expected to be commissioned next year and will expand to 18 million tons per year within three years. The investment comes as steel demand in India grows amid rapid economic development and infrastructure expansion. The plant will produce hot-rolled, cold-rolled, and galvanized steel. Additionally, JSW Steel plans to invest in decarbonizing its facilities and expand its coal reserves through a recent acquisition.

Nucor, a leading American steelmaker, has announced a $20/t increase in its weekly spot price for hot-rolled coils, bringing the base price to $740 per short tonne. This move follows a similar price hike by US Steel and reflects ongoing market trends and supply dynamics. With hot-rolled steel prices in the US experiencing fluctuations, steel producers are testing the market for opportunities to raise prices. Imports of rolled steel have also declined in the US, impacting overall supply and demand dynamics.

The latest data from the World Steel Association reveals a 4.7% year-over-year drop in global steel output in September 2024, totaling 143.6 million tons. Key changes include declines in major producers like China, Japan, and Russia, while Ukraine bucked the trend with a yearly increase. Understand the monthly and annual trends in steel production worldwide and the CIS+Ukraine region in this comprehensive analysis.