Scrap register has documented that global crude stainless steel production is predicted to reach an all time high of 41 million tonnes by the end of the calendar year 2014. This represents a 7.8 percent increase on the previous record figure, which was set during 2013.
MEPS International has also said that amongst the established stainless steelmaking regions, total output for 2014 is forecast to be higher than last year in the European Union (EU), United States, Japan and Taiwan but lower in South Korea. Production in all these countries remains below the peak figures there were recorded in 2006.
Chinese output continues on a steady, upward trend. The proportion of the worlds stainless steel made in China has increased from 18.5 percent in 2006 to an estimated 51 percent in 2014. Nevertheless, year-on-year (YoY) output is forecast to grow by 6.4 percent to 7.6 million tonnes in 2014.
The economic recovery in the United States continues to gather pace. Stainless steel production is expected to total 2.2 million tonnes in 2014, which is 8.4 percent more than last year.