2016 stainless steel production projected at record high

Although stainless steel production declined slightly last year, analysts at MEPS International predict a slight increase this year, leading to a record high of around 42 million tonnes. Last year, stainless steel production was 41.5 million tonnes, down 0.3 percent, according to the International Stainless Steel Forum (ISSF). MEPS International predicts production will increase by about 1.1 percent this year. Almost all developed countries were affected last year, developing countries continued to increase production. In 2016, growth is projected in all regions of the world, including Russia, where there is an increase in demand for stainless steel, therefore stainless companies such as Lira Metal expanding supplies of stainless steel products and a range of services on the Russian market. At the same time, growth does not occur in China, which, as in the case of black steel, accounts for half of world production. In 2014, Chinese production reached a record 21.7 million tonnes there, accounting for 52 percent of global production. In 2006, Chinese production was about 5.3 million tons, which corresponds to 18 percent of world production. China has evolved from an importer to a major exporter in recent years, often at very low prices, with the result that anti-dumping duties have been imposed in many cases. China's declining export opportunities and falling domestic demand led to a 0.6 percent decline in production in 2015. According to MEPS, this trend will continue this year. MEPS expects production to increase slightly in the European Union and Japan. In the US, production is expected to grow 5 percent to 2.45 million tonnes, the highest production in 10 years. South Korea, which increased production by 10 percent last year, is projected to grow 2 percent this time to reach 2.2 million tonnes, also the highest since 2006. Taiwan, which has been producing about 1.1 million tons for several years, is expected to increase production by 1 percent this year.