According to the latest statistics released by the International Stainless Steel Forum (ISSF), global stainless steel production increased 4.10% in the first six months of 2016 compared to the corresponding period in 2015. In the second quarter of this year, volume increased by 15% compared to the first quarter of 2016.
Total stainless steel production for the six months of 2016 was 22.067 million tonnes, up 4.1% from 2.202 million tonnes in January-June 2015. Stainless steel output in Q2 2016 increased by almost 15.1% to 11.807 Mt, compared to 10.260 Mt in Q1 2016.
The new report claims the global stainless steel market is expected to reach $ 127.19 million by 2024. The use of stainless steel in the automotive industry will report the highest growth rates from 2016 to 2024. The use of stainless steel will also find wider reflection in a range of applications in a variety of industries, including construction, transportation, industrial equipment, home appliances, metal products and electronics.
World stainless steel production in the 1st half of 2016 exceeded 22 million tons
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