MEPS predicts rise in world stainless production

The annual total global stainless steel production for 2014 is estimated to have reached an all-time high of 41 million tons. This exceeds the previous record mark, which was set in 2013, by 7.6 percent. MEPS forecasts that worldwide output will increase by a further 4.9 percent to a new peak figure of 43 million tons.

In 2014, the outturn in all of the traditional stainless steel making regions, except South Korea, was higher than in the previous year. The recovery was particularly strong in the United States and Japan. However, production in all of these established stainless steel making countries and regions remains significantly below the peak figures achieved in 2006.

This trend is, of course, more than outweighed by the expansion of production in China and other emerging nations. The growth of Chinese production will, inevitably, slow from the rapid rate of recent years. We do anticipate, though, that output will continue to climb by more than five percent in 2015, to reach 22.9 million tonnes. This would represent more than 50 percent of global stainless steel production.

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