Global stainless steel production rises 5.5% in Q1 2024
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Update time : 2024-08-12 16:02:08
In the first quarter of 2024, global stainless steel production increased by 5.5% year-on-year, reaching 14.59 million tons, according to data from the World Steel Association. This growth aligns with an earlier forecast predicting a 3.9% rise in global stainless steel consumption for the year, largely driven by a projected 5.7% increase in China. Other regions, including Europe and Africa, were expected to see much smaller growth, around 1.4%.
China's stainless steel output rose by 2.2% year-on-year to 8.6 million tons during this period. This follows a robust 12.6% increase in 2023, which brought China's total stainless steel production to 36 million tons. In 2023, China exported approximately 4.14 million tons of stainless steel.
Elsewhere in Asia, production surged, particularly in Indonesia, which saw a 25% increase in output, reaching 2.08 million tons. This was the highest growth among the "Others" category, which includes Brazil, Indonesia, Russia, South Africa, and South Korea.
Additionally, stainless steel production across other parts of Asia, excluding China and South Korea, grew by 12.9% year-on-year to 1.84 million tons.
In the US, first-quarter production rose by 6.5% to 509,000 tons, though market conditions are softening. Meanwhile, Europe was the only region to experience a decline, with output down 4.8% to 1.56 million tons, due largely to labor strikes affecting major producers.
