In the first half of 2024, the global stainless steel industry experienced a notable upswing, with production increasing by 6.3% compared to the same period in 2023, reaching a total of 30.37 million metric tons. This growth, reported by the World Stainless Association, reflects a rebound in demand and production capabilities across various regions worldwide.
Europe, including Ukraine, saw a modest increase in stainless steel production of 0.3%, bringing its total to 3.14 million metric tons in the first six months of the year. This slight growth indicates a stabilization in the European market, which had faced challenges in previous years. Meanwhile, the United States demonstrated a more robust recovery, with production rising by 9% year-on-year to 1.03 million metric tons, signaling strong domestic demand and improved manufacturing conditions.
Asia, excluding major players like China and South Korea, also contributed significantly to the global increase. The region's production rose by 9% year-on-year, reaching 3.62 million metric tons in the first half of 2024. China's output, a dominant force in the global market, grew by 5.9% to 18.75 million metric tons, underscoring its continued influence and capacity expansion within the industry.
Other countries, including Brazil, South Africa, Indonesia, South Korea, and the Russian Federation, collectively boosted their stainless steel production by 10.5%, totaling 3.84 million metric tons. This diverse group of nations highlights the widespread nature of the production increase, reflecting both local demand and strategic investments in steel manufacturing capabilities.
The second quarter of 2024 further solidified this upward trend, with global stainless steel production rising by 7.9% quarter-on-quarter to 15.76 million metric tons. Within this period, the European Union increased its output by 1% to 1.58 million metric tons, while the United States saw a 1.8% rise to 518 thousand metric tons. China's production surged by 17.5% quarter-on-quarter, reaching 10.13 million metric tons, a testament to its rapid industrial growth and export strength.
Asia, excluding China, also experienced a quarterly increase of 3.6%, producing 1.78 million metric tons. Other countries followed suit with a significant 15.2% rise quarter-on-quarter, totaling 1.76 million metric tons. These figures illustrate a synchronized global recovery in stainless steel production, driven by both economic rebound and strategic industry adaptations.
As previously reported, the year 2023 saw global stainless steel production increase by 4.6% compared to 2022, reaching 58.4 million metric tons. However, Europe faced a 6.2% decrease in production to 5.9 million metric tons, while the United States saw a 9.6% decline to 1.82 million metric tons. In contrast, China increased its production by 12.6% year-on-year to 36.68 million metric tons, showcasing its resilience and pivotal role in the global market.
