Annual global crude stainless steel production for 2017 is estimated to have totalled an all-time high of around 48 million tons, which represents a year-on-year increase of 4.9 percent. MEPS forecasts a further rise in worldwide outturn of nearly five percent in 2018, which would reach a new peak of 50.3 million tons.
Recently-issued official Chinese output figures were significantly higher than earlier expectations. The annual total at close to 26 million tons represents 54 percent of global crude stainless steel production. A further escalation of around one million tons is predicted in China for 2018.
Recovering industrial activity helped stainless steel output in the United States to expand by around eight percent in 2017 to reach a total of around 2.7 million tons. However, demand eased in recent months, and MEPS forecast for growth in 2018 is more conservative at less than two percent.
Output in the European Union continues to recover at a slow but steady rate, of around two percent per year. An outturn of 7.4 million tons is estimated for 2017. A further increase of 150,000 tons is predicted for 2018.