In a world driven by data and numbers, the steel industry stands as an unyielding force that deserves our attention. This document will take you on a journey through the latest global steel industry statistics. From production and consumption to emerging trends, we will unravel the current landscape of a sector that remains essential to global progress. Discover how steel continues to shape our world—figure by figure—in this detailed look at its impact on the global economy.
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Global Steel Production
In 2023, global steel production reached 1.878 billion tons, marking a 2.3% increase compared to 2022. This growth is attributed to the worldwide economic recovery, which has driven demand for steel.
China remains the world's leading steel producer, with an output of 1.063 billion tons in 2023. It is followed by India with 122 million tons and Japan with 105 million tons.
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Steel Consumption
Steel consumption also rose in 2023, reaching 1.960 billion tons—a 2.6% increase compared to 2022. This surge is due to the resurgence of construction and manufacturing sectors.
China is the top steel consumer worldwide, with 1.088 billion tons consumed in 2023. The United States ranks second with 125 million tons, followed by Japan with 107 million tons.
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Steel Prices
Steel prices increased in 2023, reaching $4,300 per ton, a 5.0% rise from 2022. This was largely due to a global steel shortage caused by the war in Ukraine, the post-COVID-19 recovery, and ongoing geopolitical conflicts.
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Steel Industry in Latin America: Figures and Outlook
Let's explore how key figures are shaping the present and future of the steel industry in Latin America.
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Steel Production
In 2023, steel production in Latin America reached 62.8 million tons, up 2.8% from 2022. This increase reflects the regional economic recovery, which has boosted steel demand.
Brazil is the leading steel producer in the region, with 29.5 million tons produced in 2023. It is followed by Mexico with 14.5 million tons and Argentina with 8.8 million tons.
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Steel Consumption
Steel consumption in Latin America also rose in 2023, totaling 72.6 million tons—an increase of 3.0% over 2022. This growth stems from the revival of the construction and manufacturing industries.
Brazil is the top consumer in the region, with 32.5 million tons in 2023. Mexico follows with 17.5 million tons, and Argentina with 9.0 million tons.
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Steel Prices
Steel prices in Latin America increased in 2023, reaching $4,200 per ton—a 5.0% rise from 2022. The price hike is mainly driven by the global steel shortage caused by the war in Ukraine, the post-COVID-19 recovery, and the ongoing conflict in the Middle East.
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What’s the State of the Steel Industry in Colombia in 2023?
As an integral part of Latin America's industrial landscape, Colombia provides a glimpse into its steel sector with updated statistics. Join us as we take a closer look at how numbers define the evolution of steel in Colombia within the global context.
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Steel Production
In 2023, Colombia’s steel production reached 1.5 million tons, up 1.5% compared to 2022. This increase is driven by the recovery of the Colombian economy, which has boosted steel demand.
Colombia ranks as the fourth-largest steel producer in Latin America, following Brazil, Argentina, and Mexico.
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Steel Consumption
Steel consumption in Colombia also rose in 2023, totaling 2.2 million tons—an increase of 2.0% compared to 2022. This rise is due to renewed activity in construction and manufacturing.
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Steel Prices
Steel prices in Colombia rose in 2023, reaching $4,000 per ton—a 5.0% increase compared to 2022. The price rise was driven by the global steel shortage resulting from the war in Ukraine, the Middle East conflict, and post-COVID-19 market adjustments.
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Colombia’s steel industry is on a growth path. In 2023, production, consumption, and prices all increased, driven by the country’s economic recovery.
Steel remains a vital material for Colombia’s development. The industry contributes to job creation, foreign investment, and national economic growth.