GLOBAL STAINLESS STEEL
PRODUCTION FALLS IN 2015 - RECOVERY EXPECTED THIS YEAR
Worldwide crude stainless
steel production in 2015 totalled just over 41.5 million tonnes.
This represents a decrease of 0.3 percent, compared with the peak
figure, achieved in the previous year. MEPS predicts that global
output will grow by around 1.1 percent, in 2016, to reach a new
all-time high mark of 42 million tonnes.
Outturn fell, slightly, year-on-year, in most of the established
stainless steelmaking countries and regions. Output in the
developing nations continued to expand. We forecast that production
will recover, to return increased tonnages in 2016, in all areas,
Following many years of rapid expansion,
Chinese output peaked, in 2014, at 21.7 million tonnes. This equates
to 52 percent of the global outturn, in that year. In 2006, China
had produced only 5.3 million tonnes, or 18 percent, of global crude
Having been a net importer, in the early part of the twenty-first
century, China has increased its production capacity, in recent
years, to a point far in excess of its own requirements. Much of
this surplus material has been exported, often at very low prices,
compared with prevailing market values. In response, many
governments around the world have introduced antidumping measures
against Chinese imports. With export opportunities thus reduced, and
domestic economic growth slowing, the country’s stainless steel
output fell by 0.6 percent, year-on-year, in 2015. MEPS predicts a
further, small decrease, this year.
Following lower production figures, last year, compared with those
in 2014, we forecast output to recover and record positive growth in
the European Union, Japan and the United States. In the latter
country, in particular, a healthy increment of more than 5 percent
is anticipated. This would take the annual total to its highest
point in ten years, at around 2.45 million tonnes.
South Korea bucked the trend of the traditional stainless steel
producing nations, by achieving growth of around 10 percent,
year-on-year, in 2015. The estimated annual output, at more than 2.2
million tonnes, represents the country’s highest total since 2006.
More modest expansion, of approximately 2 percent, is predicted for
Taiwan’s annual production has hovered around the 1.1 million tonnes
mark for several years. The 2015 figure showed no change from the
outturn recorded twelve months earlier. A moderate increase, of just
over one percent, is forecast for this year.
Source: MEPS -
Review - April Issue
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