Global crude stainless steel production is predicted to reach a new record annual total of 48.5 million tonnes, in 2017. This would exceed the previous high figure, set last year, by nearly 6 percent.
Despite China’s efforts to control the growth of steel manufacturing, stainless steel output continues to increase at a healthy rate. This year’s expected outturn, at almost 27 million tonnes, equates to a year-on-year expansion of more than 8 percent. This figure would represent around 55 percent of the forecast worldwide total.
Production in Taiwan continues to recover, strongly. This year’s supply is expected to reach 1.35 million tonnes – nearly 7 percent higher than the 2016 total. However, this remains more than 20 percent lower than the peak figure, achieved in 2006.
South Korea’s stainless steel production is forecast to record a reasonable, year-on-year, increase of around 3.5 percent, to a total of 2.35 million tonnes. More moderate annual growth, of less than two percent, is foreseen for Japan. An outturn of around 3.15 million tonnes is predicted for 2017.
MEPS’ previous forecast for production in the United States remains in place, at 2.55 million tonnes – a gain of nearly 3 percent, compared with last year’s figure. The European Union’s annual crude stainless steel output is predicted to total 7.4 million tonnes. This would be less than 2 percent above the 2016 outturn.