Global stainless steel production output by 5.5% y/y in Q1

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Global stainless steel production output by 5.5% y/y in Q1

Ferrous 15 Jul 2024 04:22 PM IST GMK Centre

Global stainless steel output climbed by 5.5% in January-March 2024 compared to the same period in 2023, reaching 14.58 million tonnes (MT). According to data from the non-profit World Stainless Association, the figure declined by 1.3% from the previous quarter. During this period, Europe, including Ukraine, decreased stainless steel output by 4.8% compared to the first quarter of 2023 but climbed by 3.7% quarter on quarter (q/q) to 1.56 MT. The United States boosted production by 6.5% year on year and 15.8% quarter on quarter to 509 thousand tonnes.

Stainless steel output in Asia, excluding China and South Korea, climbed by 12.9% year on year and declined by 5.2% quarter on quarter to 1.84 MT in January-March this year, whereas China produced 8.58 mt, up 2.1% year on year and 4.5% quarter on quarter.

The production of stainless steel expanded by 25% y/y and 10.1% q/q in other nations, such as Brazil, South Africa, Indonesia, South Korea, and the Russian Federation; these nations were the primary drivers of the growth to 2.08 MT. Global production of stainless steel rose to 58.4 MT in 2023, up 4.6% from 2022.

Europe, including Ukraine, reduced stainless steel production by 6.2% compared to 2022 to 5.9 MT. The United States for the year decreased by 9.6% y/y to 1.82 MT, China increased by 12.6% y/y, to 36.68 MT.

Also Read : India's steel demand is expected to grow by 8-10% in FY25 India's steel trade deficit grew to $516 million in April-May

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Global stainless steel production output by 5.5% y/y in Q1

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