The world production of stainless steel fell by 5.2% y/y in 2022

In 2022, the world production of stainless steel decreased by 5.2% compared to 2021 – to 55.3 million tons. This is evidenced by non-profit organization International Stainless Steel Forum’s data.

In 2022, Europe, in particular Ukraine, reduced stainless steel production by 12.4% compared to 2021 – to 6.29 million tons. The United States reduced the indicator by 14.8% y/y for the year – to 2.02 million tons.

In Asia, excluding China and South Korea, stainless steel production decreased by 4.9% y/y in 2022 – to 7.41 million tons, while China during the same period reduced production by 2% y/y – to 31.97 million tons.

Other countries, in particular Brazil, South Africa, Indonesia, South Korea, and the Russian Federation, reduced stainless steel output by 9.1% y/y over the past year – to 7.58 million tons.

In the fourth quarter of 2022, global production of stainless steel increased by 8.6% compared to the previous quarter – up to 13.71 million tons.

Europe for October-December 2022 increased the indicator by 28.6% compared to July-September of the same year – up to 1.5 million tons, Asia (excluding China and South Korea) – by 1.2%, up to 1.77 million tons, and China – by 18.2%, up to 7.26 million tons. In the 4th quarter, the USA reduced the output of stainless steel by 14.2% – to 429 thousand tons.

Other countries in the fourth quarter of 2022 reduced the production of such products by 25.5% q/q – to 1.48 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, global production of stainless steel was expected to increase by 4% y/y – up to 58.6 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.