Global Stainless Steel Production Increases in 2023

Regional Analysis

European Production Trends In Europe, including Ukraine, production faced a decline, dropping by 6.2% to 5.9 million tons due to various market factors.

United States Production Trends The U.S. reported a decrease in production by 9.6%, resulting in 1.82 million tons, reflecting broader economic pressures.

Asia’s Market Dynamics In contrast, Asia (excluding China and South Korea) saw a decrease of 7.2%, totaling 6.88 million tons. However, China continued its upward trajectory, significantly boosting its production by 12.6% to 36.68 million tons, solidifying its position as the global leader in stainless steel production.

Other nations including Brazil, South Africa, Indonesia, South Korea, and the Russian Federation collectively experienced a 5.2% decline, producing 7.16 million tons.

Quarterly Production Insights

In the fourth quarter of 2023, global production rose by 8.5% quarter-over-quarter to 13.86 million tons:

• Europe: Produced 1.5 million tons, a notable increase of 28.6% from the previous quarter.
• United States: Saw a decline to 429,000 tons, down by 14.2%.
• China: Increased its production by 17.8% to 8.67 million tons.
• Asia (excluding China and Korea): Slightly increased to 1.77 million tons, up by 1.2%.

Yearly Comparisons and Forecast

This performance is a rebound from a 5.2% decline in 2022, where the global output was 55.3 million tons. The industry experts predict that the production will continue to rise, potentially reaching 60 million tons by the end of 2023, with China and Indonesia playing significant roles in this growth.