Global Crude Stainless Steel production to hit another all-time high in 2014: MEPS

UNITED STATES November 03 2014 5:16 PM

 

LONDON (Scrap Register): Global crude stainless steel production is predicted to reach an all-time high of 41 million tonnes in calendar year 2014. This represents a 7.8 percent increase on the previous record figure, set last year, said MEPS International.

 

According to MEPS, amongst the established stainless steelmaking regions, total output for 2014 is forecast to be higher than last year in the EU, United States, Japan and Taiwan but lower in South Korea. Production in all these countries remains below the peak figures recorded in 2006.

 

Chinese output continues on a steady, upward trend. The proportion of the world’s stainless steel made in China has increased from 18.5 percent in 2006 to an estimated 51 percent in 2014.

 

Demand in the EU has been strong during the summer but has now begun to slow. Nevertheless, year-on-year output is forecast to grow by 6.4 percent, to 7.6 million tonnes, in 2014, MEPS added.

 

The economic recovery in the United States continues to gather pace. Stainless steel production is expected to total 2.2 million tonnes in 2014 – 8.4 percent more than last year.

 

Japan’s 2014 outturn is foreseen at 3.375 million tonnes, representing a healthy, year-on-year increase of 6.3 percent. Another disappointing result is anticipated for South Korea. The 2014 total is likely to be 1.6 percent less than last year’s figure.