Stainless steel on its way to a production record

Stainless steel production has been set to a record this year. After last year's fall, it is expected to surpass 8 percent this year, higher to reach 55 million tonnes.

Several steel mills, which closed during the peak of the pandemic, have resumed operations. However, according to market monitor MEPS International, demand continues to outstrip production, causing higher prices as well as availability concerns, which, however, should ease in the coming months.

“The production capacities of metallurgical enterprises, which were idle at the beginning of the pandemic, are gradually recovering. However, demand from end consumers is outstripping production growth rates. Consequently, prices rise as buyers seek to restock. The deficit is expected to narrow as production increases, ”the MEPS said.