Global stainless steel production increased by 5.5% y/y in Q1

Global stainless steel production in January-March 2024 increased by 5.5% compared to the same period in 2023 to 14.58 million tons. Compared to the previous quarter, the figure decreased by 1.3%. This is evidenced by the data of the non-profit organization World Stainless Association.

During this period, Europe, including Ukraine, decreased stainless steel production by 4.8% compared to the first quarter of 2023, and increased by 3.7% q/q – to 1.56 million tons. In the United States, production increased by 6.5% y/y and 15.8% q/q – to 509 thousand tons for the quarter.

In Asia, excluding China and South Korea, stainless steel production in January-March this year increased by 12.9% y/y and decreased by 5.2% q/q – to 1.84 million tons, while China produced 8.58 million tons of stainless steel in the same period, up 2.1% y/y and 4.5% q/q.

Other countries, including Brazil, South Africa, Indonesia, South Korea, and the Russian Federation, increased stainless steel production by 25% y/y and 10.1% q/q, becoming the main driver of growth to 2.08 million tons.

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.