The global output of stainless steel fell by 5.1% y/y in January-September 2022

In January-September 2022, the world production of stainless steel decreased by 5.1% compared to the same period in 2021 – to 41.85 million tons. This is evidenced by data of the non-profit organization International Stainless Steel Forum.

In January-September, Europe, in particular Ukraine, reduced the production of stainless steel by 11.2% compared to 2021 – to 4.81 million tons. In 9 months, the United States reduced the indicator by 13.2% y/y – to 1.59 million tons.

In Asia, excluding China and South Korea, stainless steel output in January-September 2022 decreased by 0.4% y/y – to 5.75 million tons, while China during the same period reduced production by 5.2% y/y – to 23.63 million tons.

Other countries, in particular Brazil, South Africa, Indonesia, South Korea, and the Russian Federation, decreased stainless steel output by 1% y/y in January-September – to 6.07 million tons.

In the third quarter of 2022, the global production of stainless steel decreased by 12.2% compared to the previous quarter – to 12.79 million tons. Europe reduced the indicator by 33.2% compared to April-June of the current year – to 1.18 million tons, the USA – by 3.8%, to 500 thousand tons, Asia (excluding China and South Korea) – by 3.7%, to 1.86 million tons. China reduced stainless steel production by 12.8% to the second quarter – to 7.26 million tons.

Other countries in the third quarter of 2022 decreased output by 1.9% q/q – to 1.99 million tons.

As GMK Center reported earlier, in 2021, the world production of stainless steel increased by 10.6% compared to 2020 – up to 56.3 million tons. In 2022, the global output of stainless steel is expected to grow by 4% y/y – up to 58.6 million tons.

According to the ISSF forecast, the global consumption of stainless steel in 2022 will increase by 3.2% compared to the previous year. In 2023, the indicator is expected to grow by another 3.2% y/y. At the same time, in 2021, the consumption of stainless steel increased by 11.3% compared to the previous year.