The world consumption of stainless steel in 2024 will grow by 3.6% y/y – ISSF

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.