Global crude stainless steel production, this year, is expected to reach 34Mt according to Sheffield based analysts, MEPS.

This represents a modest improvement in the revised outturn in 2011. ISSF have lifted last year’s output figures for China - resulting in a world total of 33.7Mt for 2011. This confirms MEPS assertion last April, that Chinese figures were being under-reported by substantial amounts.

The most significant growth continues to come from the developing markets, particularly India. In the traditional stainless steelmaking regions, once again only the EU and South Korea look set to exceed their previous year's output. Production in the USA, Japan and Taiwan is forecast to contract for the second successive year.

The latest Chinese output figures, presented by CSSC, acknowledge significant volumes of previously unreported stainless steel production. The new figures suggest that the outturn for 2011 was a minimum of 14.1Mt. The major of Chinese steelmakers have substantially curbed production in recent months as domestic growth has slowed and export demand has weakened. Consequently, MEPS have adjusted their prediction for 2012 to 14.2Mt, just 0.1% higher than the previous year's total.

Source: MEPS - Stainless Steel Review