MEPS Predicts Record Global Stainless Steel Production
Leading steel analysis company MEPS International recently forecast that world crude stainless steel output will reach 52.1 million tonnes in 2019, an all-time record high. This figure represents an increase of 3% on last year's record amount. MEPS also said that continued growth in global stainless steel production will ensure this record is broken again in 2020, with a new peak volume of 54.2 million tonnes predicted.
The stainless steel output of China continues to substantially expand, with the country's outturn for 2019 forecast to grow by over 6% year-on-year, reaching 28.3 million tonnes, equivalent to 54% of the global total. Another increase of around 5% is anticipated in 2020.
In India, stainless steel production is expected to note steady yearly growth of more than 3%, achieving a total amount of around 3.88 million tonnes. Approximately the same rate of expansion is predicted for 2020.
An increase in imports of stainless steel to the European Union has been prevented with safeguarding measures though local demand is not strong and opportunities for export are described as 'limited'. This means that the EU's crude stainless steel output is predicted to shrink year-on-year to 6.95 million tonnes, a drop of 6%. For 2020, only 'minimal' growth has been predicted.
In the US, domestic consumption has 'slowed significantly', with 2019's outturn predicted to be at least 3% lower than last year's figure of 2.73 million tonnes. A moderate increase, representing around 2%, is forecast for next year.
Reduced output has been noticed this year in established Far East steelmaking countries such as South Korea, Japan and Taiwan: the outturn for these countries is predicted to fall by 4%, 10% and 10% respectively this year. Next year, moderate recoveries are anticipated in all three countries.
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