Record Global Stainless Steel Production
Forecast for 2019 & 2020
MEPS forecasts that world crude stainless steel output will reach an all-time
high of 52.1 million tonnes, in 2019. This would represent an increase of 3
percent, compared with the previous record figure, set last year. MEPS expects
continued growth in global production, in 2020. A new peak volume of 54.2
million tonnes is predicted for next year.
China’s output continues to expand, substantially. The country’s outturn, in
2019, is forecast to grow by more than 6 percent, year-on-year, to reach 28.3
million tonnes, or over 54 percent of the global total. A further increase, of
around 5 percent, is anticipated, next year.
Stainless steel production, in India, is expected to record steady annual
growth, of more than 3 percent, to achieve a total of around 3.875 million
tonnes, this year. A similar rate of expansion is predicted, in 2020.
While safeguarding measures have been used to prevent an increase in imports,
into the European Union, local demand is weak and export opportunities are
limited. Consequently, the region’s crude stainless steel output is forecast to
shrink, by around 6 percent, year-on-year, in 2019, to 6.95 million tonnes.
Minimal growth is expected, next year.
Domestic consumption has slowed, significantly, in the United States. This
year’s crude stainless steel outturn is forecast to be around 3 percent lower
than the 2018 figure, at 2.725 million tonnes. A moderate increase, of about 2
percent, is foreseen, in 2019.
Excess worldwide production capacity, protectionist trade restrictions and
mediocre home demand are contributing to reduced output in the established
stainless steelmaking countries of the Far East. This year’s outturn is
predicted to fall by around 4 percent, in South Korea, while Japan and Taiwan
are each expected to record year-on-year cuts of around 10 percent, in 2019.
Moderate recoveries are anticipated, in all these countries, next year.
Please select the way you would like to hear from MEPS International Ltd.:
You can unsubscribe at any time by
clicking the link in the footer of our emails.
We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing.
Learn more about Mailchimp's privacy practices here.