Stainless steel production saw a 6.3 per cent rise globally in the first half of 2024, driven by growth in Asia, Europe, and the Americas. The World Stainless Association reports steady increases across most regions.

According to the World Stainless Association, as reported by GMK Center, global stainless steel production reached 30.37 million tonnes in the first half of 2024, marking a 6.3 per cent increase compared to the same period in 2023. Europe, including Ukraine, recorded a 0.3 per cent increase, with output reaching 3.14 million tonnes, while U.S. production rose by 9 per cent year-on-year (y/y) to 1.03 million tonnes.

In Asia (excluding China and South Korea), production climbed 9 per cent y/y, reaching 3.62 million tonnes. China itself produced 18.75 million tonnes, an increase of 5.9 per cent y/y. Other countries, including Brazil, South Africa, Indonesia, South Korea, and Russia, collectively boosted their stainless steel output by 10.5 per cent y/y to 3.84 million tonnes.

In Q2 alone, global stainless steel production increased by 7.9 per cent quarter-on-quarter (q/q) to 15.76 million tonnes. The EU saw a 1 per cent rise q/q to 1.58 million tonnes, the US 1.8 per cent q/q to 518,000 tonnes, China 17.5 per cent q/q to 10.13 million tonnes, while Asia (excluding China) grew by 3.6 per cent q/q to 1.78 million tonnes. Other regions recorded a robust 15.2 per cent q/q increase, totalling 1.76 million tonnes.

In comparison, the GMK Center previously reported that global stainless steel output in 2023 grew by 4.6 per cent to 58.4 million tonnes. Europe, including Ukraine, saw a 6.2 per cent decline, dropping to 5.9 million tonnes, and U.S. production fell by 9.6 per cent y/y to 1.82 million tonnes, while China’s output rose 12.6 per cent y/y to 36.68 million tonnes.

Infographic courtesy: GMK Center