World stainless steel production to hit record high in 2014

Global stainless steel production is projected to hit a record 41 million tonnes in 2014, an increase of 7.8 percent from the previous record set last year, according to MEPS International.

According to the MEPS, in the largest steelmaking regions, the total stainless steel production in 2014 is expected to increase compared to last year in the EU, USA, Japan and Taiwan, and will be lower only in South Korea. However, production in all of these countries remains below peak figures recorded in 2006.

Of course, one should not forget about China, the production output of which continues to form a stable, upward trend. China's share of the world's total stainless steel production has increased significantly since 2006, when it stood at 18.5 percent. It is estimated that in 2014 it will reach 51 percent.
Demand in the EU was strong during the summer but has already begun to slow down. However, on an annualized basis, output is projected to grow 6.4 percent to 7.6 million tonnes in 2014, according to MEPS.

The US economic recovery continues to gain momentum. Stainless steel production is expected to be 2.2 million tonnes in 2014, up 8.4 percent from last year.
In Japan, production is foreseen for 2014 at 3,375,000 tons, which represents an increase of 6.3 percent year on year. However, a disappointing result is expected in South Korea. Total stainless steel production in 2014 is likely to be 1.6 percent less than last year.