Good prospects for stainless steel in 2017

According to MEPS International analysts, 2016 was a record year for stainless steel production, but production will continue to grow again in 2017.

Full year 2016 stainless steel production is projected to hit a record 45.5 million tonnes, up 9.5 percent year on year.

The latest revised figures for the nine months of last year show a production volume of 33.585 million tonnes, which is 7 percent higher than a year earlier. The main driver of growth was China, which increased production by 11.4 percent year on year to 18.083 million tonnes. For the full year, production growth at Chinese steel mills was higher than expected.

Taiwan recorded a ten percent increase, according to MEPS analysts. Small drop in stainless steel production in Japan and South Korea. European Union production increased by 2 percent over the year.

In 2017, stainless steel production will continue to grow. During the year, production is expected to reach 47.3 million tonnes.