Global production of stainless steel increased by 2.5% y/y in January-September

The largest increase in stainless steel production was recorded in China – by 13.4% y/y

Global stainless steel production in January-September 2023 increased by 2.5% compared to the same period in 2022 – up to 42.6 million tons. This is evidenced by the data of the non-profit organization International Stainless Steel Forum.

During this period, Europe, including Ukraine, reduced stainless steel production by 8% compared to January-September 2022 – to 4.41 million tons. The United States reduced the figure by 12.9% y/y for 9 months – to 1.38 million tons.

In Asia, excluding China and South Korea, stainless steel production in January-September decreased by 12.4% compared to the same period in 2022 – to 4.94 million tons, while China produced 26.61 million tons of stainless steel in the same period, up 13.4% y/y.

Other countries, including Brazil, South Africa, Indonesia, South Korea, and the Russian Federation, reduced stainless steel production by 13.2% y/y – to 5.27 million tons.

In the third quarter, global stainless steel production amounted to 14.73 million tons, up 2.2% quarter-on-quarter. Europe produced 1.27 million tons (-14.98% qoq), the United States – 442 thousand tons (-4.9%), China – 9.59 million tons (+7.1%), Asia (excluding China and South Korea) – 1.62 million tons (-4%).

Therefore, China is the main driver of growth in global stainless steel production in January-September and the third quarter.

As GMK Center reported earlier, in 2022 global production of stainless steel fell by 5.2% compared to 2021 – to 55.3 million tons. In 2022, global growth of stainless steel was expected by 4% y/y – to 58.6 million tons.

According to the MEPS forecast, global stainless steel production in 2023 will grow to 60 million tons. Stainless steel producers in China and Indonesia will make a significant contribution to the growth of the indicator.