Global Steel Production Analytics for October 2025 According to WSA with a Focus on Russia. Decline in China, Growth in the USA, and Impact of Current Dynamics on Investments in the Metallurgical Sector.
According to the World Steel Association, global steel production in October 2025 reached 143.3 million tons, which is a 5.9% decrease compared to October 2024. Year-to-date (January to October), production volume fell by 2.1% compared to the same period last year. A reduction in production has been reported in Asia and Europe, while North America shows growth.
- China: 72.0 million tons (-12.1% year-on-year).
- India: 13.6 million tons (+5.9% year-on-year).
- USA: 7.0 million tons (+9.4% year-on-year).
- Japan: 6.9 million tons (-1.0% year-on-year).
- South Korea: 5.1 million tons (-5.8% year-on-year).
- Russia: 5.3 million tons (-6.2% year-on-year).
- Germany: 3.1 million tons (-3.0% year-on-year).
- Iran: 3.3 million tons (+12.0% year-on-year).
The data highlights a diverging trend: the largest producer, China, experiences a sharp decline, while the USA and Iran show double-digit growth. India continues to expand, while the European market, led by Germany, remains in the negative territory.
WSA's statistics cover 70 countries, representing approximately 98% of global steel production.
The average capacity utilization rate in the steel industry remains low, reflecting an oversupply amid weak demand. This situation is exacerbated by the overall slowdown in the global economy and investment demand.
China: Ongoing Production Decline
Steel production in China in October totaled 72.0 million tons, which is a 12.1% decrease from the previous year. This marks the most significant monthly decline in recent years. Contributing factors include weak demand for construction materials, stricter environmental regulations, and high production costs; many steel mills are operating at extremely low profitability. Despite government stimulus measures, steel production in China for the first 10 months of 2025 decreased by approximately 3.9% year-on-year.
USA: Accelerated Production Increase
The United States achieved a steel production of 7.0 million tons in October, which is 9.4% higher than the previous year's level. This acceleration is attributed to a resurgence in domestic demand and multi-billion dollar investments in infrastructure development. American steelmakers are also reporting improved demand from the construction and automotive sectors. As a result, steel production in the USA has increased by about 3% over the first 10 months of 2025.
India and Other Asian Markets: Slowing Growth Rates
India, the second-largest steel producer globally, continues to expand production but at a moderate pace. In October, production reached 13.6 million tons, which is a 5.9% increase from the previous year; however, this reflects a slowdown compared to prior months. Weak domestic demand and restrictive export measures are hindering the expansion of the Indian steel industry. Other Asian countries display a mixed picture: Japan reduced steel production by 1.0%, while South Korea saw a decline of 5.8%. Overall, steel output in Asia and Oceania fell by more than 8% in October.
European Sector: Decline in Germany and Stagnation
The European steel market is under pressure: in October, production volume in EU countries decreased by about 3.5%. Germany, the largest producer in Europe, produced 3.1 million tons (-3.0% year-on-year). The German steel sector continues to suffer from weak domestic demand and a decrease in export orders. There is also a decline in production across other industrial countries in the region, with overall output remaining at a low level.
Middle East: Growth Driven by Iran
Against a backdrop of global stagnation, Iran demonstrates rapid growth: its production volume in October reached 3.3 million tons, a 12.0% increase from the previous year. This growth is attributed to recovering domestic demand and capacity expansion following the easing of international sanctions. Increased production in Iran and neighboring countries sustains the cumulative output levels, despite declining figures in some other countries in the region.
Russia: Stable Production Decline
In Russia, 5.3 million tons of steel were produced in October, marking a 6.2% decrease from October 2024. The pace of decline accelerated compared to September (-3.8%). Under the pressure of Western sanctions and declining external demand, limiting access to traditional markets, Russian steel manufacturers continue to cut production and exports. Shares of major steel companies are showing attempts to consolidate after a drop, but risks remain high.
Conclusions for Investors
WSA data indicate significant changes in the industry: China’s decline is holding back the global market, while growth in the USA creates a favorable environment for American producers. These trends present new opportunities and risks. It is crucial for investors to consider regional diversification of investments and the high volatility in the steel sector.
- Accounting for the uncertainty of the Chinese market is essential: the sharp decline in production may stimulate price fluctuations in raw material and stock markets.
- Increased production volumes in the USA make American manufacturers more attractive for investments in the steel sector.
- European and Russian steel producers continue to face restraining factors, keeping their shares in a zone of heightened uncertainty.
- Diversifying the investment portfolio across regions and companies in the metallurgical sector will help balance risks and leverage local growth trends.
- The oversupply in the steel market adds further pressure on raw material prices (e.g., iron ore) and encourages inventory accumulation, which must be considered in strategic planning.
