Stainless steel production demonstrates 5.5% annual growth

Stainless steel production statistics released by the International Stainless Steel Forum (ISSF) suggest a 5.5% increase in production throughout 2018. The annual output was 50.729 million tonnes (Mt), up from 48.081 million tonnes in 2017.

All regions of the world reported an increase in production over the previous year. Stainless steel production in Europe increased marginally by 0.1% from 7.377 Mt in 2017 to 7.385 Mt in 2018. US production also rose marginally by 2.0% to 2.808 million tonnes. US production in 2017 was only 2.774 million tonnes. Production in China increased 3.6% from the previous year to 26.706 million tonnes, representing nearly 53% of global stainless steel production. The country produced only 25.774 million tons in 2017.

The Asia region, excluding China and South Korea, posted 2.1% year-on-year production growth. Production in the region increased from 8.030 Mt in 2017 to 8.195 Mt in 2018. Meanwhile, the combined production of Brazil, South Africa, Russia, South Korea and Indonesia soared 35.9%. According to the ISSF, over the year, production increased from 4.146 million tons to 5.635 million tons.

Stainless steel production in the last quarter of last year was 11.827 million tonnes, a significant decrease of almost 10% from 13.132 million tonnes in the third quarter of 18. The quarterly issue recorded a decline when compared with the corresponding quarter a year earlier. Stainless steel production in Q4 2014 was 12.545 million tonnes