In the first quarter of 2024, global stainless steel production expanded to 14.58 million metric tons, marking a 5.5% increase compared to the same period last year. However, production saw a slight dip of 1.3% when compared to the previous quarter's figures. This growth trajectory underscores the sector's resilience and adaptability amid varying global economic conditions and market demands.
Europe, encompassing Ukraine, reported a 4.8% decrease in stainless steel production year-on-year for Q1 2024, amounting to 1.56 million metric tons. Despite this decline, production increased by 3.7% from the previous quarter, reflecting efforts to stabilize output amidst regional challenges and market fluctuations.
Conversely, the United States experienced a robust 6.5% year-on-year growth in stainless steel production, reaching 509 thousand metric tons in Q1 2024. This surge represents a notable 15.8% increase compared to the previous quarter, driven by rising industrial demand and strategic manufacturing initiatives.
Excluding China and South Korea, Asia reported a significant 12.9% year-on-year increase in stainless steel production during the first quarter of 2024, totaling 1.84 million metric tons. However, production declined by 5.2% from the previous quarter, reflecting seasonal fluctuations and regional economic dynamics.
China, a pivotal player in global stainless steel production, produced 8.58 million metric tons in Q1 2024, marking a 2.1% year-on-year increase and a 4.5% quarter-on-quarter growth. This growth underscores China's strategic efforts to bolster domestic manufacturing capabilities amidst evolving global trade dynamics and sustainability goals.
Countries such as Brazil, South Africa, Indonesia, South Korea, and the Russian Federation collectively contributed to a 25% year-on-year increase and a 10.1% quarter-on-quarter growth in stainless steel production, totaling 2.08 million metric tons in Q1 2024. These nations have emerged as key drivers of growth, leveraging industrial expansion and infrastructure investments to enhance stainless steel output.
In 2023, global stainless steel production expanded by 4.6% compared to 2022, reaching 58.4 million metric tons. Europe, including Ukraine, reported a 6.2% decline in production to 5.9 million metric tons, reflecting ongoing structural adjustments and market challenges. Meanwhile, China recorded a notable 12.6% year-on-year increase, producing 36.68 million metric tons, underscoring its pivotal role in shaping global stainless steel supply dynamics.
