Real Assets
Visualized: China’s Steel Demand Through Time
The following content is sponsored by BHP
Visualized: China’s Steel Demand Through Time
As the world’s manufacturing powerhouse, China has the highest global demand for crude steel, with the market experiencing remarkable growth since 2010.
In 2023, China’s crude steel demand reached 911 million metric tons. This is up an estimated 50% from 609 million metric tons 13 years earlier. When adding in exports and changes to inventory, China surpassed 1 billion metric tons of steel production for the fifth year in a row.
However, the growth in demand for the metal has not been even across industries. In this graphic, we’ve partnered with BHP to visualize how demand for steel on a sectoral level has shifted between 2010 and 2023.
The Sectors Driving Steel Demand
We observed demand for crude steel across the following sectors:
- Machinery: machinery used in power, construction, metals and mining, agriculture, tools and parts, etc.
- Infrastructure: roads, railways, subways, pipelines, etc.
- Construction: urban and rural housing, office buildings, industrial buildings, WRAC buildings (wholesale, retail, accommodation, catering), etc.
- Transport: light-duty vehicles, trucks and buses, auto parts, shipbuilding, etc.
- Consumer Durable Goods: refrigerators, washing machines, air conditioners, microwaves, etc.
- Metal Goods: containers and hardware, etc.
- Other: smaller categories, statistical change, etc.
In 2010, the largest share of Chinese demand came from the construction sector. Construction accounted for an estimated 42% of the country’s total steel needs. Machinery (20%) and infrastructure (13%) were the industries with the second- and third-highest demand, respectively.
Over the past 13 years, however, demand has shifted towards the machinery and infrastructure industries.
| Sector | 2010 (%) | 2023 (%) |
|---|---|---|
| Machinery | 20 | 30 |
| Infrastructure | 13 | 17 |
| Construction | 42 | 24 |
| Transport | 12 | 9 |
| Durable Goods | 7 | 8 |
| Other | 6 | 12 |
The demand for steel from the construction industry is estimated to have dropped from 42% of total demand to 24%, as construction firms purchased 37 million metric tons less steel in 2023 compared to 2010. This slump can, in part, be attributed to the Chinese real estate crisis and developer bankruptcies. Both of these factors led to a slowdown in residential building starts.
The machinery sector, on the other hand, has witnessed incredible growth. It rose from an estimated 20% share of overall Chinese steel demand in 2010 to 30% by 2023, boosted by an influx of equipment renewals. Infrastructure saw approximate growth of 13% to 17% over this timeframe.
Steel Demand for Transportation and Durable Goods
The share of steel used by the transport sector is estimated to have falled from 12% in 2010 to 9% in 2023. However, there was an uptick in the amount of steel used by the industry. It rose from around 73 million metric tons in 2010 to 82 million metric tons 13 years later. And, with more than half of all new electric vehicles (EVs) sold worldwide made in China, the sector could receive support if EVs continue to gain in popularity.
In fact, the green economy needs the steel industry—it remains vital for the production of emerging technologies. As such, it is important that nations take steps towards “cleaning” their steel industries. China is doing so with its focus on carbon capture, utilization, and storage technologies, employing green hydrogen metallurgy, and introducing electric furnaces.
Steel demand for durable goods rose slightly from 2010 to 2023. However, the relatively steady share masks the near-doubling of absolute steel purchased by this sector—up from 43 million metric tons to an estimated 73 million metric tons.
The Path Forward for Steel
The Chinese steel industry remains robust—growing by an estimated 50% from 2010 to 2023—despite significant shifts beneath the surface.
As the energy transition progresses, further changes in industry demand for steel are likely, especially with the increasing prominence of clean technologies, such as EVs. Conversely, demand from the construction industry remains closely tied to the outlook of the country’s housing sector.
BHP is one of the world’s leading iron ore producers. Read more insights in its economic and commodity outlook report.
Real Assets
How Much Gold is in Fort Knox?
The United States Bullion Depository holds more than half of the Treasury’s $428B in gold reserves.
How Much Gold Is in Fort Knox?
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
U.S. President Donald Trump has promised to visit Fort Knox “to make sure the gold is there.”
Officially, the United States Bullion Depository (commonly known as Fort Knox) holds over half of the Treasury’s $428 billion gold reserves.
In this graphic, we put that amount into perspective by comparing Fort Knox’s reserves with central bank gold reserves worldwide. The data comes from the U.S. Mint and the World Gold Council. For illustrative purposes, we considered a pallet of 1,190 gold bars (400 troy ounces each) weighing approximately 14.8 tonnes.
What Is Fort Knox?
Located in Kentucky, Fort Knox is a U.S. Army installation that serves as the primary storage site for America’s gold reserves. The facility was established in the 1930s to protect gold from potential foreign attacks.
The first gold shipment arrived in 1937 via U.S. Mail from the Philadelphia Mint and the New York Assay Office. During World War II, Fort Knox safeguarded important U.S. documents, including the Declaration of Independence, the Constitution, and the Bill of Rights. It has also housed international treasures, such as the Magna Carta and the crown, sword, scepter, orb, and cape of St. Stephen, King of Hungary, before they were returned in 1978.
Currently, it holds 4,175 tonnes of gold, equivalent to nearly half of China’s gold reserves and four times the Swiss central bank’s reserves.
| Reserves | Gold (Tonnes) |
|---|---|
| 🇺🇸 U.S. Reserves | 8,133 |
| 🏛️ Fort Knox | 4,175 |
| 🇨🇳 China | 2,280 |
| 🇯🇵 Japan | 846 |
| 🇨🇭 Switzerland | 1,040 |
| 🇮🇳 India | 876 |
| 🇰🇷 South Korea | 104 |
| 🇸🇬 Singapore | 220 |
| 🇧🇷 Brazil | 130 |
| 🇲🇽 Mexico | 120 |
| 🇹🇭 Thailand | 235 |
Only small samples have been removed for purity testing during audits; no major transfers have occurred for years.
Gold Bar Specifications
- Size: 7 inches × 3 5/8 inches × 1 3/4 inches
- Weight: 400 ounces (27.5 pounds)
Extreme Security
Only a select few know the full security procedures, and no single person knows how to fully open the vault.
In 1974, a group of journalists and a Congressional delegation were allowed inside—marking the first official visit since Fort Knox’s creation. Previously, President Franklin D. Roosevelt was the only person other than authorized personnel to access the vaults.
In 2017, Treasury Secretary Steve Mnuchin, Kentucky Governor Matt Bevin, and several Congressional representatives became the second group to visit the vault.
Learn More on the Voronoi App 
If gold was shared equally, how much would you get? Check out this graphic to find out.
Real Assets
Charted: Top Suppliers of Aluminum and Steel to the U.S.
President Trump has imposed a 25% tariff on all steel and aluminum imports.
Charted: Top U.S. Suppliers of Aluminum and Steel
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
U.S. President Donald Trump has imposed a 25% tariff on all steel and aluminum imports, marking one of the most discussed measures of his first month back in the White House.
But which countries are most affected by these tariffs?
This map illustrates the top suppliers of aluminum and steel to the United States in 2024. The data comes from the U.S. Census Bureau. Aluminum includes unwrought aluminum, plates, sheets, and strips; bars, rods, and profiles; foil; wire; pipes and tubes; castings and forgings; and tube or pipe fittings.
Canada: The Largest Partner
Canada is by far the top supplier of both steel and aluminum to the United States. The neighboring country exported $9.4 billion worth of aluminum to the U.S. in 2024, significantly ahead of the second-largest exporter, the European Union, which exported $1.5 billion.
Canada also exported $7.1 billion worth of steel last year, compared to $7 billion from the European Union.
| Country | Steel Imports (USD) | Aluminum Imports (USD) |
|---|---|---|
| 🇨🇦 Canada | $7.1B | $9.4B |
| 🇲🇽 Mexico | $3.5B | $397M |
| 🇧🇷 Brazil | $3.0B | - |
| 🇨🇳 China | $799M | $809M |
| 🇹🇼 Taiwan | $1.3B | - |
| 🇰🇷 South Korea | $2.9B | $781M |
| 🇩🇪 Germany | $1.9B | $318M |
| 🇯🇵 Japan | $1.7B | - |
| 🇮🇳 India | $489M | $445M |
| 🇪🇺 European Union | $7B | $1.5B |
| 🇦🇪 UAE | - | $917M |
| 🇧🇭 Bahrain | - | $535M |
| 🇦🇷 Argentina | - | $468M |
| 🇹🇭 Thailand | - | $271M |
| 🇬🇧 UK | $440M | - |
Mexico, South Korea, and Brazil are also among the top suppliers of steel to the United States. Meanwhile, the country imports aluminum from other key partners, including China, the United Arab Emirates, South Korea, Bahrain, and Argentina.
A recent report by the Center for Strategic and International Studies (CSIS) noted that the U.S. produces less than 2% of the world’s primary aluminum.
Learn More on the Voronoi App
If you enjoyed this graphic, be sure to check out this chart illustrating the GDP impact of Trump’s tariffs on China.
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