Global Steel Production Analytics for October 2025 According to WSA, With a Focus on Russia: Decline in China, Growth in the USA, and the Impact of Current Dynamics on Investments in the Metallurgical Sector
According to the World Steel Association (WSA), global steel production in October 2025 amounted to 143.3 million tons, which is a 5.9% decrease compared to the figure for October 2024. Year-to-date (January–October), the production volume declined by 2.1% compared to the same period last year. Production cuts were recorded in Asia and Europe, while North America demonstrated growth.
- China: 72.0 million tons (-12.1% YoY).
- India: 13.6 million tons (+5.9% YoY).
- USA: 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 divergent performance: the largest producer, China, is experiencing 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.
WSA 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 a general slowdown in the global economy and investment demand.
China: Ongoing Production Decline
Steel production in China in October was 72.0 million tons, a decline of 12.1% year-on-year. This marks the largest monthly drop 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 fell by approximately 3.9% on a year-over-year basis in the first ten months of 2025.
USA: Accelerated Production Increase
The United States reached 7.0 million tons of steel production in October, which is 9.4% higher than last year. This acceleration is attributed to a revival in domestic demand and multi-billion dollar investments in infrastructure development. American steelmakers also report improved demand from the construction and automotive sectors. Consequently, steel production in the USA increased by approximately 3% over the first ten months of 2025.
India and Other Asian Markets: Slowing Growth Rates
India, the second-largest global steel producer, continues to expand output, albeit at a moderate pace. In October, production reached 13.6 million tons, which is 5.9% higher than the previous year, but this represents a slowdown compared to previous months. Weak domestic demand and restrictive export measures are hampering the growth of the Indian steel sector. Other Asian countries display uneven performance: Japan reduced its steel output by 1.0%, while South Korea saw a decline of 5.8%. Overall, steel production 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 in EU countries declined by approximately 3.5%. Germany, the largest producer in Europe, produced 3.1 million tons (-3.0% YoY). The German steel industry continues to suffer from weak domestic demand and reducing export orders. Production decreases are also observed in other industrial countries of the region, where overall output remains at a low level.
Middle East: Growth Driven by Iran
Amid global stagnation, Iran is showing rapid growth: its production volume in October amounted to 3.3 million tons, which is 12.0% higher than last year. This growth is attributed to a recovery in domestic demand and capacity expansion following the easing of international sanctions. Increased production in Iran and its neighboring countries supports total output levels despite declining figures in some other regional countries.
Russia: Steady Production Decline
In Russia, 5.3 million tons of steel were produced in October, which is a 6.2% decrease 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. Shares of major steel companies are attempting to consolidate following a decline, yet risks remain high.
Implications for Investors
WSA data indicates significant changes in the industry: the decline in China is restraining the global market, while the growth in production in the USA creates a favorable environment for American producers. These trends generate new opportunities and risks. It is essential for investors to consider regional diversification of investments and the high volatility of the steel sector.
- Accounting for the uncertainty of the Chinese market is essential: a sharp production decline may stimulate price fluctuations in the commodity and stock markets.
- Increased production volumes in the USA make American producers more attractive for investments in the steel sector.
- European and Russian steelmakers still face restraining factors, keeping their stocks in a zone of increased uncertainty.
- Diversifying the investment portfolio across regions and companies within the metallurgical sector will help balance risks and capitalize on local growth trends.
- Oversupply in the steel market creates additional pressure on the prices of raw materials (such as iron ore) and contributes to inventory accumulation, which must be considered in strategic planning.
