The Consumption & Production of Global Steel in 2020

The newly released “World Steel Statistics for 2021” by the World Steel Association shows that the world’s crude steel production in 2020 amounts to 1.878 billion tonnes, a yearly increase of 0.5%, and crude steel output will expand at a compound annual growth rate of 3.0% from 2015 to 2020. In terms of process, converter steel will account for 73.2% of global output in 2020, electric furnace steel will account for 26.3%, and the global average continuous casting ratio will reach 96.9%. India’s crude steel production in 2020 was 99.6 Mt, down 10.6% from 2019 & China’s crude steel output in 2020 was 1.053 billion tonnes, increase 5.2% year on year, and accounted for 56.7% of global output, the rise of 12.2% points from 2010.

The global export volume of steel products (finished and semi-finished) was 400 million tonnes in 2020, down 8.7% from the previous year. Export volume accounted for 22.9% of production, the second-lowest level since 1975 (22.6%) and a decrease of 2.2 units from 2019. The new crown pneumonia epidemic that swept the globe in 2020 is the primary cause of the global steel exports and export proportions declining.

In terms of apparent consumption, global apparent consumption of finished steel in 2020 was 1.772 billion tonnes, down 0.2% from the previous year. Only China, Turkey, Brazil, and Taiwan saw an increase in apparent consumption year over year, with Turkey having the highest growth rate of 13.0%. China’s apparent consumption of finished steel products in 2020 was 995 million tonnes, increase 9.1% every year, accounting for 56.2% of global consumption, increase 11.5% from 2010. Italy is the country with the largest drop in apparent finished steel consumption in 2020, down 20.4% year on year to 19.99 million tonnes.

Global apparent consumption of finished steel per capita in 2020 was 227.5 kg, down 1.2% from the previous year. China, Brazil, and Taiwan were the only countries with an increase in apparent consumption per capita year over year. With 954.9 kilograms of apparent per capita consumption of finished steel products, South Korea leads the world, followed by Taiwan, China, 777 kilograms, and China.

In 2020, global pig iron production was 1.319 billion tonnes, down 0.6% from the previous year; apparent consumption was 1.32 billion tonnes, a yearly increase of 3.0%. Global direct reduced iron production was 106 million tonnes in 2020, down 4.8% year on year.