While the world produced enough steel in 2022 to build over 100,000 Eiffel Towers, a closer look at the global metals industry reveals a dynamic, complex landscape shaped by shifting production hubs, surging demand for battery metals, and a relentless push toward sustainability.
Key Takeaways
- In 2022, global crude steel production reached 1,888 million tonnes, a 1.3% decrease from 2021, with China accounting for 1,013 million tonnes or 53.6% of the total.
- China's crude steel production in 2022 was 1,013 million tonnes, down 2.1% from the previous year.
- India produced 125 million tonnes of crude steel in 2022, representing a 5.0% increase year-over-year.
- World reserves of iron ore are estimated at 190 billion metric tons, sufficient for over 100 years at current production rates.
- Bauxite reserves globally stand at 55-60 billion metric tons, with Guinea holding 25%.
- Copper reserves worldwide are 890 million metric tons, with Chile having 190 million metric tons.
- Global steel consumption in 2022 was 1,885 million tonnes, up 1.9% from 2021.
- Apparent steel use in China reached 1,019 million tonnes in 2022.
- India's steel consumption grew to 136 million tonnes in 2022.
- Global average steel price (HRC) was $900 per metric ton in 2022.
- Copper price averaged $8,650 per metric ton in 2022.
- Aluminum LME price averaged $2,680 per metric ton in 2022.
- Employment in the global steel industry was 3.2 million direct jobs in 2022.
- US metals mining employed 140,000 workers in 2022.
- Steel industry indirect jobs total 6.7 million globally.
Despite a slight global downturn, metals production remained strong with China leading and India growing sharply.
Consumption and Demand
- Global steel consumption in 2022 was 1,885 million tonnes, up 1.9% from 2021.
- Apparent steel use in China reached 1,019 million tonnes in 2022.
- India's steel consumption grew to 136 million tonnes in 2022.
- EU-27 steel consumption was 146 million tonnes in 2022.
- US steel consumption totaled 111 million tonnes in 2022.
- Global refined copper consumption was 25.8 million metric tons in 2022.
- Aluminum consumption worldwide reached 70 million metric tons in 2022.
- Zinc consumption globally was 13.4 million metric tons in 2022.
- Lead consumption hit 4.7 million metric tons worldwide in 2022.
- Nickel apparent consumption was 3.2 million metric tons in 2022.
- Gold fabrication demand was 4,741 tonnes in 2022.
- Silver industrial demand reached 654 million ounces in 2022.
- Global iron ore consumption for steelmaking was 2.1 billion metric tons in 2022.
- Lithium consumption grew 28% to 134,000 metric tons in 2022.
- Cobalt demand for batteries was 140,000 metric tons in 2022.
- Rare earth demand reached 240,000 metric tons REO in 2022.
- Titanium mill products consumption was 170,000 metric tons in 2022.
- Platinum demand in auto catalysts was 2.5 million ounces in 2022.
- Tin consumption globally was 350,000 metric tons in 2022.
- Molybdenum consumption hit 280,000 metric tons in 2022.
Consumption and Demand Interpretation
The world's construction, transportation, and technology appetites, while voracious and varied, are all feeding from the same industrial pantry, where steel remains the main course but lithium and cobalt are elbowing their way to the front of the buffet line.
Prices and Markets
- Global average steel price (HRC) was $900 per metric ton in 2022.
- Copper price averaged $8,650 per metric ton in 2022.
- Aluminum LME price averaged $2,680 per metric ton in 2022.
- Zinc price averaged $3,400 per metric ton in 2022.
- Lead LME average was $2,200 per metric ton in 2022.
- Nickel price surged to average $30,000 per metric ton in 2022 due to LME squeeze.
- Gold spot price averaged $1,800 per ounce in 2022.
- Silver averaged $21.70 per ounce in 2022.
- Iron ore (62% Fe CFR China) averaged $120 per metric ton in 2022.
- Lithium carbonate price FOB China averaged $60,000 per metric ton in 2022.
- Cobalt averaged $70,000 per metric ton in 2022.
- Rare earth oxides (NdPr) averaged $120/kg in 2022.
- Platinum averaged $970 per ounce in 2022.
- Palladium price averaged $1,900 per ounce amid supply issues in 2022.
- Tin LME averaged $25,000 per metric ton in 2022.
- Molybdenum oxide averaged $20 per lb in 2022.
- Global metals market size was valued at $1.5 trillion in 2022.
- Steel market revenue reached $900 billion globally in 2022.
- Aluminum market size was $170 billion in 2022.
Prices and Markets Interpretation
In a world priced by the ton, nickel's turbulent splash of $30,000 stole the spotlight, but the sobering reality is that the global metals industry, valued at a staggering $1.5 trillion, remains overwhelmingly powered by the unglamorous but essential $900 steel and $120 iron ore.
Production and Output
- In 2022, global crude steel production reached 1,888 million tonnes, a 1.3% decrease from 2021, with China accounting for 1,013 million tonnes or 53.6% of the total.
- China's crude steel production in 2022 was 1,013 million tonnes, down 2.1% from the previous year.
- India produced 125 million tonnes of crude steel in 2022, representing a 5.0% increase year-over-year.
- Japan's crude steel output in 2022 stood at 89 million tonnes, a 3.0% decline from 2021.
- The United States produced 80 million tonnes of crude steel in 2022, up 5.8% from 2021.
- Global aluminum production in 2022 was 69.1 million metric tons, with China leading at 40.2 million metric tons.
- Primary aluminum smelting in the US produced 893,000 metric tons in 2022.
- World copper mine production in 2022 totaled 22 million metric tons.
- Chile's copper mine output reached 5.4 million metric tons in 2022, accounting for 24% of global production.
- Global zinc mine production was 13.3 million metric tons in 2022.
- Lead mine production worldwide hit 4.6 million metric tons in 2022.
- Nickel mine production globally was 3.3 million metric tons in 2022, driven by Indonesia.
- Global gold mine production was 3,300 metric tons in 2022.
- Silver mine production reached 830 million ounces globally in 2022.
- Iron ore production worldwide in 2022 was 2.6 billion metric tons.
- Bauxite production globally totaled 385 million metric tons in 2022.
- Global titanium sponge production was 234,000 metric tons in 2022.
- Rare earth oxide production reached 300,000 metric tons in 2022, with China at 210,000 metric tons.
- Platinum group metals production was 226 metric tons in 2022.
- Global magnesium production hit 1 million metric tons in 2022.
- Tin mine production worldwide was 300,000 metric tons in 2022.
- Molybdenum mine production reached 260,000 metric tons in 2022.
- Global chromium ore production was 44 million metric tons in 2022.
- Vanadium production worldwide totaled 98,000 metric tons in 2022.
- World cobalt mine production was 170,000 metric tons in 2022.
- Tantalum mine production globally reached 2,200 metric tons in 2022.
- Global lithium mine production hit 130,000 metric tons in 2022.
- Manganese ore production worldwide was 20 million metric tons in 2022.
- Global mercury mine production was minimal at 200 metric tons in 2022.
- Antimony production reached 120,000 metric tons globally in 2022.
Production and Output Interpretation
The global metals industry, while slightly rusting at the edges, remains a titanically scaled and complex machine where China is the undeniable engine room, India is the emerging new hire, and the world's green transition is shifting the entire assembly line towards a lighter, more electrified future.
Reserves and Mining
- World reserves of iron ore are estimated at 190 billion metric tons, sufficient for over 100 years at current production rates.
- Bauxite reserves globally stand at 55-60 billion metric tons, with Guinea holding 25%.
- Copper reserves worldwide are 890 million metric tons, with Chile having 190 million metric tons.
- Global zinc reserves total 250 million metric tons.
- Lead reserves are estimated at 90 million metric tons globally.
- Nickel reserves worldwide amount to 100 million metric tons.
- Gold reserves are approximately 54,000 metric tons globally.
- Silver reserves total 530,000 metric tons worldwide.
- Aluminum (bauxite equivalent) reserves are vast at 30 billion metric tons.
- Rare earth reserves are 120 million metric tons of rare earth oxide equivalent.
- Cobalt reserves stand at 8.3 million metric tons globally.
- Lithium reserves total 98 million metric tons worldwide.
- Global platinum group metals reserves are 72,000 metric tons.
- Tin reserves are 4.7 million metric tons globally.
- Molybdenum reserves amount to 17 million metric tons.
- Chromium reserves total 560 million metric tons worldwide.
- Titanium (ilmenite and rutile) reserves are over 1 billion metric tons.
- Vanadium reserves stand at 24 million metric tons globally.
- Tantalum reserves are 140,000 metric tons worldwide.
- Magnesium reserves total 1.3 billion metric tons.
- Manganese reserves are 1.8 billion metric tons globally.
- Antimony reserves amount to 2 million metric tons.
- Mercury reserves are minimal at 600,000 metric tons.
Reserves and Mining Interpretation
Mother Earth's current pantry shows a well-stocked but wildly imbalanced shelf, with a century's worth of iron next to a thimble of gold and a geopolitical powder keg of bauxite, reminding us that abundance is not the same as accessibility.
Sustainability and Employment
- Employment in the global steel industry was 3.2 million direct jobs in 2022.
- US metals mining employed 140,000 workers in 2022.
- Steel industry indirect jobs total 6.7 million globally.
- Global steel recycling rate reached 86% in 2022.
- Aluminum recycling saved 95 million tonnes of bauxite in 2022.
- Copper recycling provided 34% of global supply in 2022.
- Steel production emitted 2.1 tonnes CO2 per tonne of steel on average in 2022.
- Global metals industry CO2 emissions totaled 4.2 Gt in 2022.
- Energy intensity in steelmaking improved by 1.5% in 2022.
- Water usage in steel production averaged 25 m3 per tonne in 2022.
Sustainability and Employment Interpretation
For an industry supporting millions of jobs with a planet-sized CO2 burden, its silent heroics in recycling are the only thing keeping its environmental conscience—and our material world—from collapsing entirely.
Sources & References
- Reference 1WORLDSTEELworldsteel.orgVisit source
- Reference 2STATISTAstatista.comVisit source
- Reference 3PUBSpubs.usgs.govVisit source
- Reference 4COCHILCOcochilco.clVisit source
- Reference 5GOLDgold.orgVisit source
- Reference 6SILVERINSTITUTEsilverinstitute.orgVisit source
- Reference 7WORLDSTOPEXworldstopex.comVisit source
- Reference 8WPNICwpnic.comVisit source
- Reference 9COPPERcopper.orgVisit source
- Reference 10ILZSGilzsg.orgVisit source
- Reference 11INSIDEMETALSinsidemetals.comVisit source
- Reference 12FASTMARKETSfastmarkets.comVisit source
- Reference 13ABOUTabout.bnef.comVisit source
- Reference 14COBALTINSTITUTEcobaltinstitute.orgVisit source
- Reference 15ADAMASINTELadamasintel.comVisit source
- Reference 16TITANIUMtitanium.orgVisit source
- Reference 17ITRIitri.co.ukVisit source
- Reference 18IMOAimoa.infoVisit source
- Reference 19STEELORBISsteelorbis.comVisit source
- Reference 20LMElme.comVisit source
- Reference 21BLSbls.govVisit source
- Reference 22INTERNATIONAL-ALUMINIUMinternational-aluminium.orgVisit source
- Reference 23COPPERALLIANCEcopperalliance.org.ukVisit source
- Reference 24IEAiea.orgVisit source