Country Report

Global steel cost summary

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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

Tables and charts

This report includes 13 images and tables including:

  • 2024 steel CO2-e emission curve (scopes 1 and 2)
  • 2024 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
  • 2024 weighted average finished steel cash cost by country - BOF
  • 2024 weighted average finished steel cost by country - EAF (US$/tonne)
  • 2024 cash negative costed production
  • 2024 weighted average operating margin and finished steel cash cost by country
  • 2024 total emissions by country (CO2-e/t)
  • 2024 BOF emissions by country (CO2-e/t)
  • 2024 EAF emissions by country (CO2-e/t)

What's included

This report contains:

  • Document

    Global steel cost summary

    PDF 3.15 MB