Global stainless steel production grew by 4.6% y/y in 2023

Global stainless steel production in 2023 increased by 4.6% compared to 2022 – to 58.4 million tons. This is evidenced by the data of the non-profit organization World Stainless Association.

During this period, Europe, including Ukraine, reduced its stainless steel production by 6.2% compared to 2022 – to 5.9 million tons. The United States reduced the figure by 9.6% y/y – to 1.82 million tons.

In Asia, excluding China and South Korea, stainless steel production in 2023 decreased by 7.2% compared to 2022 – to 6.88 million tons, while China produced 36.68 million tons of stainless steel in the same period, up 12.6% y/y, becoming the main driver of growth.

Other countries, including Brazil, South Africa, Indonesia, South Korea, and the Russian Federation, reduced stainless steel production by 5.2% y/y – to 7.16 million tons.

In the fourth quarter, global stainless steel production totaled 13.86 million tons, up 8.5% quarter-on-quarter. Europe produced 1.5 million tonnes (+28.6% q/q), the US 429 thousand tonnes (-14.2%), China 8.67 million tonnes (+17.8%), and Asia (excluding China and South Korea) 1.77 million tonnes (+1.2%). Thus, the fourth quarter results were positive for most regions except the US.

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

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