The 1571st issue of the bulletin "Branches of the Russian economy: Production, Finance, securities. Ferrous and non-ferrous Metallurgy" of the AK&M News Agency.
In March 2024, global steel production continued to grow, although it did not reach last year's level. According to the World Steel Association (WSA), 161.2 million tons of steel were smelted during this period, which is 4.3% less than the result of March 2023, but 8.3% more than the same indicator in February 2024. In total, 469.1 million tons of steel were smelted in the first three months of 2024 — 0.5% more than a year earlier. Moreover, 55% of the total volume was accounted for by China.
In the first quarter, Russia reduced steel production by 0.2% compared to a year earlier to 18.7 million tons, retaining the fifth place among metal–producing countries (according to the WSA). During this period, steel production in the USA decreased by 1.6% to 19.9 million tons, in China — by 1.9% to 256.6 million tons, in Japan — by 0.8% to 21.5 million tons, in South Korea — by 2.5% to 16.2 million tons. At the same time, India increased smelting by 9.7% to 37.3 million tons, Germany — by 6% to 9.7 million tons, Turkey — by 28.4% to 9.5 million tons, and Iran — by 16.3% to 7.6 million tons. At the same time, Germany again rose to seventh place in the rating of steel producers, overtaking Turkey, which fell to eighth.
The index of production in the extraction of metal ores in Russia in March amounted to 102.0% compared to March 2023. The production of iron ore concentrate in March reached 8 million tons (+1.6%), and the output of lead concentrates increased by 22.4%. During this period, Russia reduced the production of raw or semi—processed gold, or in powder form, by 14.5% compared to March 2023, and by 9.6% compared to February 2024. Gold production in January-March increased by 2.6% compared to the first quarter of 2023.
The index of metallurgical production in Russia decreased by 5.7% in March compared to March 2023, and increased by 4.1% compared to the previous month. According to Rosstat, 6.4 million tons of steel of all types were smelted in Russia in March 2024, which is 3% lower than the result of March 2023. Pig iron production decreased by 3.2% compared to the same period in 2023, and the output of rolled ferrous metals decreased by 5.1%. According to Severstal, steel consumption in Russia in the first quarter fell by 2% compared to the same period last year to 10.9 million tons.
The price of gold has increased by 4.9% to $2,312 since the beginning of 2024.2 per troy ounce (as of April 30) versus $2,071.8 as of December 31, 2023. This is another historical record for metal prices. We remind you that on August 6, 2020, gold reached an absolute maximum at $2,078.3 per ounce, and remained at a lower level until 2024. According to Numismatic News, the demand for gold from the Chinese government and individuals, who are already its largest consumers in the world, was so great that imports could not keep up with demand. Trading volumes on the Shanghai Futures Exchange have increased by more than 200% over the past two months.
This and many other topics are covered in issue No. 1571 of the monthly bulletin "Branches of the Russian Economy: Production, Finance, Securities. Ferrous and non-ferrous Metallurgy" of the AK&M News Agency dated May 02, 2024.
