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.