NEW RECORD GLOBAL
STAINLESS STEEL OUTPUT FORECAST FOR 2016
Annual global stainless
steel production for 2015 is estimated to have totalled just below
41.5 million tonnes. This is approximately 0.5 percent less than the
all-time high figure, achieved in the previous year. MEPS predicts
that worldwide output will increase by around 2 percent, in 2016, to
a new peak figure of 42.3 million tonnes.
Production during the second half of 2015 fell slightly short of
earlier predictions. The outturn in all of the traditional stainless
steel making regions, with the exception of South Korea, was lower
than in 2014. The rate of growth in China slowed but output from the
countries classed as Others continued to expand strongly, reaching a
total of more than 4.1 million tonnes.
After years of rapid development, Chinese production in 2015 is
estimated to have fallen back, a little, from the previous year’s
total. Following extensive capital investment, during the
twenty-first century, production capacity far exceeds domestic
consumption. Global demand is sluggish and several governments have
imposed import tariffs on Chinese material. Consequently, some
private steelmakers are withdrawing from stainless steel production
and further closures of less efficient facilities are foreseen.
Nevertheless, China continues to produce more than 50 percent of the
world’s crude stainless steel. MEPS predicts a moderate,
year-on-year, increase of around 1.7 percent in the country’s output
Japan’s outturn in 2015 is estimated to have been just over 3
million tonnes, which is substantially lower than the previous
year’s figure and represents a drop of around 25 percent from the
all-time high achieved in 2006. However, we forecast that the
outturn in 2016 will equate to a rise of more than 5 percent,
South Korea’s production grew strongly, by around 9 percent,
year-on-year, in 2015. However, we do not anticipate any
significant, further increase in the coming year.
Stainless steel output in Taiwan fell back, slightly, in the last
twelve months. A small increase, of around 2.7 percent, compared
with the previous year, is forecast for 2016.
Producers in the United States recorded a marginal decrease in
output, in 2015 compared with the year earlier figure. A moderate
recovery is predicted, in 2016, to a figure of around 2.4 million
Despite applying antidumping duties to some imports from the Far
East, European Union production slipped by around 2 percent,
year-on-year, in 2015. MEPS expects output, this year, to return to
around the 2014 figure, at 7.25 million tonnes.
Source: MEPS -
Review - January Issue
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