The global steel market faces a turbulent 2025 with predictions of another 4% price drop due to a surge in Chinese exports and weakening demand in the EU. The Ukrainian steel industry is particularly affected, with falling iron ore prices and increasing production costs posing significant challenges.

Global pig iron production fell by 5.6% month-on-month in November 2024, totaling 111.63 million tons. Despite this, it showed a 0.6% increase compared to November 2023. China and India remain top producers, while Ukraine saw a significant MoM drop but annual growth. The blast furnace and direct reduction methods were also analyzed for production volumes and trends.

In November 2024, China's steel production fell by 4.3% compared to the previous month but increased by 2.5% year-on-year, reaching 78.4 million tons. The decline was attributed to lower margins due to seasonal demand drop and stable iron ore prices. Steel exports increased significantly in 2023, while imports declined. Rebar prices fell, while iron ore prices rose in November 2024.

The new Executive Vice President of the European Commission for Prosperity and Industrial Strategy, Stefan Sejourne, has announced that the EC will prioritize strategic sectors such as metallurgy, automotive, aerospace, and clean technologies. Amid concerns about a potential global trade war, Sejourne emphasizes the importance of protecting "historic" industries and unifying Europe's capital markets to create a better investment environment. He calls for a "Europe First" strategy to promote strategic business interests and avoid subsidized imports. The EC promises to restore the bloc's competitiveness over the next five years, but warns of potential difficulties if the US imposes tariffs and terminates trade agreements. Sejourne rejects criticism of a protectionist agenda, arguing that developing Europe's own industries is crucial for job creation and growth.

India aims to increase its steel output to 300 million tons by 2030 and requires a significant investment of $120 billion to achieve this target. Without these funds, the country may turn into a net steel importer due to rising demand. Sandeep Poundrick, Secretary of the Ministry of Steel, highlights the surge in steel imports and inventory levels, expressing concerns about dumping in international markets. India has seen a 7-year high in rolled steel imports, with China being the key supplier.

ArcelorMittal and China Oriental Group have announced a $660 million joint venture to produce hot-rolled electric steel in China, targeting a 2.5 million tons per year capacity. Additionally, a $2 billion investment is planned for soft magnetic materials focused on the new energy market. The collaboration aims to strengthen their position in the Asian market and capture 5-10% of China's hot-rolled electric steel market. With support from local governments, production is expected to commence in 18-26 months. China's steel industry is showing signs of recovery, with increased production and exports in 2023.