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The annual total global stainless steel production for 2014 is estimated to have reached an all-time high of 41 million tonnes. This exceeds the previous record mark, set in 2013, by 7.6 percent. MEPS predicts that worldwide output will increase by a further 4.9 percent, to a new peak figure of 43 million tonnes.
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, though more moderate in the EU and Taiwan. 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. China’s output last year is estimated to be more than 4 times the 2006 figure. 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 5 percent in 2015, to reach 22.9 million tonnes. This would represent more than 50 percent of global stainless steel production.
