Global Stainless Steel Production Rises by 6.3% in First Half of 2024

Worldstainless

A Global Outlook on Stainless Steel Production

Global stainless steel production surged by 6.3% year-on-year, reaching 30.37 million tonnes (mn t) in the first six months of 2024, according to data released by Worldstainless, a Belgium-based industry research and development association.

Regional Performance Highlights

• China: The world's largest producer of stainless steel recorded a 5.9% increase, with production rising to 18.75mn t between January and June 2024.
• Asia (excluding China and South Korea): Other Asian nations showed notable growth of 9% year-on-year, producing 3.62mn t.
• Europe: The weakest regional performer, Europe reported a marginal growth of just 0.3% year-on-year to 3.14mn t.
• Other Regions:

1. The group of Brazil, Russia, South Africa, South Korea, and Indonesia collectively grew output by 10% year-on-year, reaching 3.84mn t.
2. The United States posted robust growth of 9%, with output increasing to 1.03mn t.

Indonesia's Crucial Role

Industry analysts emphasize that Indonesia's stainless steel output will be pivotal in shaping global market trends for the rest of 2024 and into 2025. The country’s expansion in production capacity and investments in the steel sector position it as a key driver of future growth.

Implications for the Market

The global rise in stainless steel production reflects an upswing in industrial demand, with particular strength in the Asian and American markets. However, Europe's stagnation underscores challenges in its industrial sector, including energy costs and economic uncertainties. The anticipated Indonesian growth could stabilize or even further boost global output, depending on demand trends and regional dynamics.