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Global stainless steel consumption to grow by 3.6% in 2024 - World Stainless Association

Ferrous metallurgy

According to the May forecast of the World Stainless Steel Association, during 2023 the global consumption of stainless steel will remain at the level of the previous year, and in 2024 it will be able to grow by 3.6% (according to the results of 2022, the deterioration in indicators was 2.2%).

Global stainless steel consumption to grow by 3.6% in 2024 - World Stainless Association

The volume of stainless steel consumption in the world in 2023 will not change compared to 2022, and in 2024 the growth rate will be 3.6%, predicts the World Stainless Association (formerly International Stainless Steel Forum, ISSF) ).

At the end of 2022, global demand for stainless steel decreased by 2.2%. Earlier, the association reported that the production of stainless steel in the world decreased in 2022 by 5.2% to 55.3 million tons.

The most significant drop in demand for stainless steel this year is expected in Europe and Africa, as well as in America - by 6% and 4.1%, respectively. In China, at the same time, consumption is projected to grow by 1.1%, in Asian countries, excluding China, by 3%. In 2024, a resumption of global demand for metal is forecasted in Europe and Africa by 4.5%, in America - by 4.1%. In China, the increase will be 2.7%, in Asian countries, excluding China - 5.6%.

The consumption of cold-rolled stainless steel flat products, as expected by the association, will decrease by 0.2% this year , and in the next year it will grow by 3.2% (a decrease in 2022 - 0.4%). The indicators for hot-rolled flat steel, after deteriorating by 8.1% in 2022, will remain at the same level in 2023, and will improve by 5.2% in 2024.

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