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According to the latest data released by Federacciai on SG245W1 Grade B steel November 19th, Italy's steel production in October showed a year-on-year increase of 2.2%, reaching 2 million tons. However, the cumulative production of crude steel from January to October 2024 decreased by 4.7% year-on-year, with a total of 17 million tons.
Specifically, in September, Italian steel production decreased in both the long and sheet sectors, but in October, the two showed SG245W1 Grade B steel different trends of change. After a 5.4% decline in September, the production of long timber increased by 0.6% year-on-year in October, reaching 1.1 million tons, showing some signs of recovery. In sharp contrast, the production of sheet metal continued to decline, with a year-on-year decrease of 12.3% in October to 794000 tons. This decline is mainly attributed to the low production of Italy's second largest steel producer, as well as weak demand in the automotive industry, which limits the main source of demand for sheet metal.
From January to October 2024, the cumulative production of long timber increased by 0.5% year-on-year, reaching 9.9 million tons; The production of sheet metal decreased by 10.5% to 7.2 million tons.
In 2023, the steel SG245W1 Grade B steel production of the Italian steel industry was 21.1 million tons, a year-on-year decrease of 2.5%.
Looking ahead, Antonio Gozzi, Chairman of the Italian Steel Association, predicts that steel production in 2024 will be slightly lower than in 2023, reflecting the ongoing challenges facing the industry.
