Global steel cost summary Report

Country Report 30 December 2024

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Report summary

Steel prices, steelmaking costs and, by extension, steel mill margins experienced significant challenges in 2024. The prices of key raw materials used in steel production, such as coal, scrap, and gas, were adversely affected by the downturn in the Chinese property sector and the weak economies in Europe and the JKT region. The recent raw material price decrease has led to a 6.2% reduction in the global average cash costs for finished steel, bringing it down to US$579/t in 2024. Specifically, the average costs for Basic Oxygen Furnace (BOF) mills fell by 6.4%, largely due to the plummeting iron ore market. In contrast, costs for Electric Arc Furnace (EAF) mills experienced a decline of 5.3% in 2024, driven by a drop in scrap prices.

Sinter
Coke
Pellet
Iron production
Crude steel production
Raw materials pricing
- Iron ore
- Coal
- Scrap
Average country costs
- BOF cash costs
- EAF cash costs
- Outlook for cash costs
Emission curve
Asia Pacific
Americas
EMEARC