Posted on 31 Oct 2022
The world's total crude stainless steel output declined in the first half of 2022, logging an on-year decrease of 3.5% to about 29 million tonnes, according to new data released by the Brussels-based International Stainless Steel Forum (ISSF).
Among the world's major stainless producing countries and regions, the U.S. saw the sharpest percentage fall in its crude stainless output over January-June, down by 14.7% on year to 1.09 million tonnes, as per ISSF data.
As the largest stainless producer in the world, China's crude stainless output also dropped by 5.3% on year to 16.35 million tonnes in the first six months of this year, the data showed.
Although China's stainless production went up by 4.1% from the prior quarter to 8.3 million tonnes over April-June, the volume was still very low compared with the same period last year, mainly due to resurgent COVID-19 outbreaks across the country, especially in East China where the megacity Shanghai had suffered a two-month long lockdown.
Some steel mills in East China had to slow down their production as supplies of raw materials had been impacted by local authorities' stricter measures to combat the spread of the virus. Meanwhile, the lackluster demand from end-users also dampened Chinese stainless steelmakers' enthusiasm for production, as reported.
For the first six months, China's apparent stainless consumption was estimated at 14 million tonnes, lower by 5.4% from the same period last year, according to data published by the Stainless Steel Council of China Special Steel Enterprises Association (CSSC) on July 29.
Stainless output in Europe came in at 3.6 million tonnes over January-June, seeing a sharper fall of 5.2% on year against the on-year decrease of 2.5% for the first quarter, as its production for the second quarter dropped by 5% on quarter, according to the ISSF's release.
However, stainless production in Asia (excluding China, South Korea and Indonesia) and the combined output in Brazil, Indonesia, Russia, South Africa and South Korea maintained on-year rises in the first six months, up 3.1% and 3.3% on year respectively, the ISSF data showed.
Source:Mysteel Global
