Strong Growth Predicted for Global Stainless Steel Production
MEPS forecasts that world crude stainless steel output
will reach an all-time high of 51.75 million tonnes, in 2018. This would
represent a 7.6 percent increase on the previous record figure, set last year.
MEPS expects continued growth in global production, in 2019. A new peak volume
of 54.2 million tonnes is forecast for next year.
China’s output, in 2018, is predicted to grow by more than 6 percent,
year-on-year, to reach 27.35 million tonnes, or almost 53 percent of the global
total. Further expansion, by around 5 percent, is anticipated, in 2019.
Crude stainless steel production in countries in the “Others” category is
expected to increase by more than 1.7 million tonnes, or 33 percent this year.
This is predominantly due to recently commissioned major developments in India
and Indonesia. The rate of growth is expected to slow, as these plants reach
their full output capacities.
Japan’s annual outturn is foreseen at 3.3 million tonnes, this year – an
increase of over 4 percent, compared with the 2017 figure. Our forecast, for
2019, is for the addition of a further 100,000 tonnes.
In South Korea, growth of nearly 4 percent, to a total of 2.5 million tonnes, is
anticipated for this calendar year. MEPS expects this rate of expansion to
decline, to around 2 percent, next year, amidst strong regional competition.
Following a steep upturn in 2017, Taiwan’s output, this year, is forecast to
plateau, at around 1.375 million tonnes. A similar figure is foreseen for 2019.
Protectionist trade actions, in the United States, have, so far, resulted in
price inflation, rather than a substantial upturn in domestic stainless steel
production. MEPS anticipates an increase of around 50,000 tonnes, year-on-year,
in 2018. Further, moderate growth, of approximately 2 percent, is foreseen for
In the European Union, safeguarding measures prevented a rapid expansion in
third country imports, helping domestic producers to achieve a small predicted
output increment, of around one percent, this year. Further, modest expansion,
on a similar scale, is forecast for 2019.
Source: MEPS - Stainless
Steel Review - October 2018 Edition
Also See: EU -
Stainless Steel Price Table
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