The latest data from the World Stainless Association (Worldstainless) showed that global stainless steel melt shop production increased by 5.5pct YoY in Q1 2024, reaching 14.585 mln tons. However, the output declined by 1.3pct compared to the previous quarter.
China maintained its position as the top producer, with a production of 8.595 mln tons, marking a 2.1pct rise compared to Q1 2023. However, the country’s output decreased by 4.5pct on a quarter-on-quarter basis.
Outside of China and South Korea, Asia saw a 12.9pct increase in stainless steel production, totaling 1.842 mln tons, though it was down by 5.2pct quarter-on-quarter.
Europe experienced a 4.8pct YoY decrease, producing 1.558 mln tons, but saw a 3.7pct increase compared to Q4 2023.
The USA witnessed a 6.5pct YoY growth and a 15.8pct quarter-on-quarter growth, with an output of 509,000 tons.
Stainless steel production in other countries such as Brazil, Russia, South Africa, South Korea, and Indonesia collectively increased by 25pct YoY, resulting in a total output of 2.081 mln tons. Their output also increased by 10.1pct quarter-on-quarter.
The World Stainless Association, formerly known as the International Stainless Steel Forum (ISSF), represents a consortium of leading stainless steel manufacturers on a global scale.
