Global Stainless Steel Production Report for 2023: Chinese Mainland Leads Growth, Other Major Regions Experience Decline

The 2023 annual data released by the World Stainless Steel Association shows that the production of crude stainless steel increased by 4.6% year-on-year, reaching 58.44 million metric tons. Among them, except Chinese Mainland, which increased by about 12.6% to 36.676 million tons

The 2023 annual data released by the World Stainless Steel Association shows that the production of crude stainless steel increased by 4.6% year-on-year, reaching 58.44 million metric tons. Among them, except Chinese Mainland, which increased by about 12.6% to 36.676 million tons, the output of other major regions declined: Europe declined by about 6.2% to 5.902 million tons, the United States declined by about 9.6% to 1.824 million tons, Asia excluding Chinese Mainland, South Korea, Indonesia (mainly India, Japan, Taiwan, China) declined by about 7.2% to 6.88 million tons, and other regions (Indonesia, South Korea, Brazil, Russia, South Africa) declined by about 5.2% to 7.163 million tons. In 2023, the crude stainless steel output of Chinese Mainland will account for nearly 62.8% of the global crude stainless steel output, an increase of 4.4 percentage points over the previous year.

In the fourth quarter of 2023, the global output of stainless steel crude steel will decline by nearly 2.2% month on month to 14.773 million tons mainly due to the impact of Chinese Mainland. Among them, Chinese Mainland fell by nearly 9.8% month on month to 8.997 million tons, the United States slightly dropped by nearly 0.5% month on month to 440000 tons, while Europe grew by nearly 18.3% month on month to 1.502 million tons, Asia excluding Chinese Mainland, South Korea and Indonesia grew by about 20% month on month to 1.943 million tons, and other regions grew by nearly 5.2% month on month to 1.891 million tons.