Country Report

Global steel cost summary

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Steel prices, steelmaking costs and, by extension, steel mill margins experienced a volatile year in 2022. After a sharp jump of 40% in 2021, global finished steel cash costs rose even further in 2022, primarily driven by surging raw material and energy prices. Iron ore prices fell 22% for the year while hard-coking coal prices exploded by 97%. This price rise increased global average cash costs for finished steel by 15% in 2022 to reach US$736/t. Concerning steel technologies, average costs for BOF mills climbed by 17%, while EAF costs rose by 5% over 2022. The critical demand and cost deterrents for the year were the Chinese property sector downturn and stringent Covid restrictions, the Russia/Ukraine conflict-led global supply chain disruptions, the energy crisis, and the slowing of international private and public expenditure amid rising inflation and credit tightening.

Table of contents

Tables and charts

This report includes 13 images and tables including:

  • 2022 steel CO2-e emission curve (Scope 1&2)
  • Crude steel cost curves under carbon price scenarios
  • Asia Pacific steel plant coverage
  • Americas steel plant coverage
  • EMEARC steel plant coverage
  • Raw materials price outlook
  • 2022 weighted average finished steel cash cost by country - BOF
  • 2022 weighted average finished steel cash cost by country - EAF
  • 2022 cash negative costed production
  • 2022 weighted average operating margin and finished steel cash cost by country
  • 2022 Total emissions by country (CO2-e/t)
  • 2022 BOF emissions by country (CO2-e/t)
  • 2022 EAF emissions by country (CO2-e/t)

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    Global steel cost summary

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    global steel cost summary.xls

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