Global stainless steel production increased by 6.3% y/y in H1 2024

Global stainless steel production in January-June 2024 increased by 6.3% compared to the same period in 2023 to 30.37 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 0.3% compared to the first half of 2023 – up to 3.14 million tons. The United States increased by 9% y/y over 6 months to 1.03 million tons.

In Asia, excluding China and South Korea, stainless steel production in January-June this year increased by 9% y/y – to 3.62 million tons, and China produced 18.75 million tons of stainless steel in the same period, up 5.9% y/y.

Other countries, such as Brazil, South Africa, Indonesia, South Korea, and the Russian Federation, increased their stainless steel production by 10.5% y/y – to 3.84 million tons.

In the second quarter, global stainless steel production increased by 7.9% q/q – to 15.76 million tons.

The EU increased its production by 1% q/q – to 1.58 million tons, the US by 1.8% q/q – to 518 thousand tons, China by 17.5% q/q – to 10.13 million tons, Asia (excluding China) by 3.6% q/q – to 1.78 million tons, and other countries by 15.2% q/q – to 1.76 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.