Global pig iron production reached 118.3 million tons in October 2024, marking an 8% increase compared to September and a 2.5% rise from October 2023.

This upward trend reflects a significant recovery, as reported by Ukrmetalurgprom citing WorldSteel Association data.

Production Breakdown: Blast Furnace vs. Direct Reduction

• Blast Furnace Method: Produced 104.93 million tons in October (+5% m/m, +0.5% y/y).
  
  
• Direct Reduction Method: Recorded 13.37 million tons (+38.7% m/m, +21.7% y/y).
  
  

Year-to-Date Performance (January-October 2024)

From January to October 2024, global pig iron output totaled 1.16 billion tons, a 2.2% decline compared to the same period in 2023. Of this:

• Blast Furnace Method: 1.06 billion tons.
  
  
• Direct Reduction Method: 105.71 million tons.
  
  

Top Global Pig Iron Producers (Jan-Oct 2024)

1. China: 715.11 million tons (-4% y/y).
   
   
2. India: 118.5 million tons (+5.6% y/y).
   
   
3. Japan: 50.84 million tons (-4% y/y).
   
   
4. Russia: 49.23 million tons (-5.6% y/y).
   
   
5. South Korea: 36.86 million tons (-1.9% y/y).
   
   

Ukraine’s Rising Position

In October 2024, Ukraine produced 624.9 thousand tons of pig iron, showing a modest 0.1% increase from September but a remarkable 22.2% rise year-on-year.


The 10-month output stands at 5.98 million tons (+21.9% y/y), positioning Ukraine as the 13th largest global producer.

Historical Context: 2023 Overview

Global pig iron production in 2023 reached 1.41 billion tons, up by 1.1% from 2022:

• Blast Furnace: 1.29 billion tons.
  
  
• Direct Reduction: 120.15 million tons.
  
  

Top Producers in 2023

1. China: 871.01 million tons (+0.7% y/y).
   
   
2. India: 135.07 million tons (+10.6% y/y).
   
   
3. Japan: 63.04 million tons (-1.7% y/y).
   
   

Ukraine ranked 16th in 2023 with 6 million tons of pig iron (-6.1% y/y).

Steel Production Insight

In 2023, global steel production slightly dipped by 0.1% to 1.85 billion tons. Leading producers included:

• China: 1.019 billion tons.
  
  
• India: 140.2 million tons.
  
  
• Japan: 87 million tons.
  
  

Ukraine’s steel production ranked 24th globally, with 6.2 million tons (-0.6% y/y).

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