Global Steel Production Analytics for October 2025 According to WSA with a Focus on Russia: Decline in China, Growth in the US, and the 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, a decrease of 5.9% compared to October 2024. Year-to-date (January-October), production volume has declined by 2.1% compared to the same period last year. Production decreases were noted in Asia and Europe, while North America is demonstrating growth.
- China: 72.0 million tons (-12.1% YoY).
- India: 13.6 million tons (+5.9% YoY).
- United States: 7.0 million tons (+9.4% YoY).
- Japan: 6.9 million tons (-1.0% YoY).
- South Korea: 5.1 million tons (-5.8% YoY).
- Russia: 5.3 million tons (-6.2% YoY).
- Germany: 3.1 million tons (-3.0% YoY).
- Iran: 3.3 million tons (+12.0% YoY).
The data highlights contrasting dynamics: the largest producer, China, is experiencing a sharp decline, while the US and Iran are showing double-digit growth. India continues to expand, while the European market, led by Germany, remains in the negative.
WSA statistics cover 70 countries, accounting for approximately 98% of global steel production.
The average capacity utilization rate in the steel industry remains low, reflecting oversupply amid weak demand. The situation is exacerbated by an overall slowdown in the global economy and investment demand.
China: Continued Decline in Production
Steel production in China reached 72.0 million tons in October, down 12.1% from the previous year. This is the most significant monthly decline in recent years. Contributing factors include weak demand for construction materials, tightening environmental regulations, and high production costs; many steel mills are operating at extremely low profitability. Despite government stimulus measures, steel output in China contracted by approximately 3.9% year-on-year for the first ten months of 2025.
US: Accelerated Production Growth
The United States achieved steel production of 7.0 million tons in October, which is 9.4% higher than the previous year. The acceleration is attributed to the revival of domestic demand and multi-billion-dollar investments in infrastructure development. American steelmakers are also witnessing improved demand from construction and the automotive sector. As a result, steel production in the US increased by approximately 3% over the first ten months of 2025.
India and Other Asian Markets: Slowing Growth Rates
India, the second-largest steel producer globally, continues to expand output albeit at a moderate pace. In October, production reached 13.6 million tons, a 5.9% increase year-on-year; however, this marks a slowdown compared to previous months. Weak domestic demand and restrictive export measures are hindering the expansion of India's steel industry. Other Asian countries exhibit a mixed picture: Japan's steel production decreased by 1.0%, while South Korea's dropped by 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 approximately 3.5%. Germany, Europe's largest producer, produced 3.1 million tons (–3.0% YoY). The German steel industry continues to suffer from weak domestic demand and declining export orders. Decreased output is also observed in other industrialized countries in the region, where overall production remains at a low level.
Middle East: Growth Driven by Iran
Amid global stagnation, Iran shows robust growth: its production volume in October reached 3.3 million tons, 12.0% higher than last year. This is linked to a recovery in domestic demand and the expansion of capacities following the easing of international sanctions. Increased production in Iran and neighboring countries supports overall output levels despite declines in some other regional countries.
Russia: Steady Production Decline
In Russia, steel production in October amounted to 5.3 million tons, a decrease of 6.2% compared to October 2024. The rate of decline has accelerated compared to September (–3.8%). Under pressure from Western sanctions and declining external demand, which limits access to traditional markets, Russian steelmakers continue to reduce production and exports. Stocks of the largest steel companies are showing attempts at consolidation after the downturn, but risks remain high.
Conclusions for Investors
WSA data indicate significant changes in the industry: the decline in China is restraining the global market, while the growth of production in the US creates a favorable environment for American producers. These trends create new opportunities and risks. It is crucial for investors to consider regional diversification of investments and the high volatility of the steel sector.
- Accounting for the uncertainties in the Chinese market is essential: the sharp decline in production may stimulate price fluctuations in raw materials and stock markets.
- The increase in production volumes in the US makes American producers more attractive for investments in the steel sector.
- European and Russian steelmakers continue to face inhibiting factors, keeping their stocks in a zone of heightened uncertainty.
- Diversifying an investment portfolio across regions and companies in the metallurgical sector can help balance risks and capitalize on local growth trends.
- The oversupply in the steel market adds additional pressure on raw material prices (e.g., iron ore) and contributes to inventory accumulation, which must be considered in strategic planning.
