Global stainless steel production in January-September 2024 increased by 5.4% y/y

Global stainless steel production in January-September 2024 increased by 5.4% compared to the same period in 2023 to 46.09 million tons. This is evidenced by the data of the non-profit organization World Stainless Association.

During this period, Europe, including Ukraine, increased its stainless steel production by 4.9% compared to January-September 2023 – to 4.69 million tons. The United States increased by 9.1% y/y over 9 months – to 1.51 million tons.

In Asia, excluding China and South Korea, stainless steel production in January-September 2024 increased by 8.1% y/y – to 5.39 million tons, and China produced 28.63 million tons of stainless steel in the same period, up 3.4% y/y.

Other countries, such as Brazil, South Africa, Indonesia, South Korea, and the Russian Federation, increased stainless steel production by 11.2% y/y – to 5.86 million tons.

In the third quarter of 2024, global stainless steel production decreased by 1.1% compared to the previous quarter – to 15.65 million tons.

Europe decreased production by 7.3% q/q – to 1.51 million tonnes, the US – by 6.9% q/q – to 482 thousand tonnes, China – by 2.8% q/q, to 9.86 million tonnes, Asia (excluding China) remained unchanged at 1.78 million tonnes, and other countries increased production by 15.1% q/q – to 2.03 million tonnes.

As GMK Center reported earlier, global stainless steel production in 2023 increased by 4.6% compared to 2022 – to 58.4 million tons. Europe, including Ukraine, reduced stainless steel production by 6.2% compared to 2022 to 5.9 million tons. The United States for the year decreased by 9.6% y/y – to 1.82 million tons, China – increased by 12.6% y/y – to 36.68 million tons.