News Global Market нержавіюча сталь 17 May 2023
In 2023, the global consumption of stainless steel will remain at the level of 2022
In 2024, the world consumption of stainless steel will grow by 3.6% compared to 2023. This forecast was made public by non-profit organization International Stainless Steel Forum (ISSF).
The consumption of hot-rolled flat stainless steel will grow at the fastest rates compared to 2023 – by 5.2%, cold-rolled – by 3.2% y/y, and long – by 3.7% y/y.
The highest growth in stainless steel consumption in 2024 is expected in Asia (excluding China) – by 5.6% y/y. The European Union and Africa will increase the indicator by 4.5%, America – by 4.1%, and China – by 2.7%.
In 2023, according to ISSF forecasts, the global consumption of stainless steel will remain at the level of 2022. At the same time, the demand for hot-rolled stainless steel flat products will be equal to last year’s figure, while cold-rolled products will decrease by 0.2% y/y. The consumption of long stainless rolled products will grow by 1.1% y/y.
In 2023, the consumption of stainless steel in the EU and Africa will fall by 6% y/y, and in the USA – by 4.1% y/y. At the same time, China will increase the indicator by 2.7%, and Asia (excluding China) – by 3%.
As GMK Center reported earlier, in 2022, the world consumption of stainless steel fell by 2.2%. In particular, hot-rolled flat stainless steel lost 0.4% y/y, cold-rolled – 8.1% y/y, and long rolled – 1.5% y/y.
The global production of stainless steel in 2022 decreased by 5.2% compared to 2021 – to 55.3 million tons.
Europe has reduced the production of stainless steel by 12.4% year-on-year – to 6.29 million tons, and the USA – by 14.8% y/y, to 2.02 million tons. In Asia, excluding China and South Korea, stainless steel smelting fell by 4.9% y/y – to 7.41 million tons, and in China – by 2% y/y, to 31.97 million tons.
According to the MEPS’ forecast, global stainless steel production in 2023 will grow to 60 million tons. Stainless steel producers in China and Indonesia will make a significant contribution to the growth of the indicator.