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Global production of direct reduced iron (DRI) reached 28.09 million tonnes (MT) in January–March 2024, surged by 7.4% from the same period in 2023. In March 2024, 13 countries producing direct reduced iron produced 9.56 MT of the product. The figure increased by 9.4% compared to February 2024 and decreased by 4.8% compared to March 2023.
India accounted for 4.23 MT of DRI production during the month. Iran produced another 1.93 MT, Russia 700 thousand tonnes, and Saudi Arabia 602 thousand tonnes. In 2023, global direct reduced iron production increased by 7.4% compared to 2022 to 135.51 million tonnes from 126.16 MT a year earlier.
India accounted for more than 36% of the total DRI production – 49.33 MT. Iran produced 33.45 MT of DRI, Russia – 7.78 MT, Egypt – 7.22 MT, Russia – 7.78 MT, Saudi Arabia – 6.82 MT. In 2023, the EU reduced imports of direct reduced iron by 11% compared to 2022, to 2.61 MT. The largest supplier of DRI is Russia – 1.19 MT (-21.3% y/y).
World Steel Dynamics forecasts that global DRI production will grow by 56.2% by 2030 compared to the base year 2019 and by 40% compared to 2022, to 175 MT. The largest growth in DRI production is expected in the European Union and MENA countries.
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