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.
Metinvest Group has signed a Memorandum of Cooperation in Social and Economic Development with the…
In April 2024, Ukraine increased imports of flat products by 32.7% compared to the previous…
Liberty Steel's Hungarian subsidiary, Liberty Dunaújváros, formerly known as Dunaferr, has signed a contract to…
Global exports of iron ore in January-March 2024 increased by 6% compared to the same…
The European Commission (EC) has launched an investigation into Chinese tinplate to determine whether imports…
In January-April 2024, Chinese steel companies reduced steel production by 3% compared to the same…