Country Report
Global steel cost summary
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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$579/t in 2024. Specifically, the average costs for Basic Oxygen Furnace (BOF) mills fell by 6.4%, largely due to the plummeting iron ore market. In contrast, costs for Electric Arc Furnace (EAF) mills experienced a decline of 5.3% in 2024, driven by a drop in scrap prices.
Table of contents
- Sinter
- Coke
- Pellet
- Iron production
- Crude steel production
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Raw materials pricing
- Iron ore
- Coal
- Scrap
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Average country costs
- BOF cash costs
- EAF cash costs
- Outlook for cash costs
- Emission curve
- Asia Pacific
- Americas
- EMEARC
Tables and charts
This report includes the following images and tables:
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2024 steel CO2-e emission curve (scopes 1 and 2)2024 crude steel cost curves under carbon price scenariosAsia Pacific steel plant coverage
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Americas steel plant coverageEMEARC steel plant coverageRaw materials price outlook2024 weighted average finished steel cash cost by country - BOF2024 weighted average finished steel cost by country - EAF (US$/tonne)2024 cash negative costed production2024 weighted average operating margin and finished steel cash cost by country2024 total emissions by country (CO2-e/t)2024 BOF emissions by country (CO2-e/t)
- 1 more item(s)...
What's included
This report contains:
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