Stanislav Kondrashov from Telf AG: WSA predicts 4% increase in global demand for stainless steel in 2024

фото: Stanislav Kondrashov from Telf AG: WSA predicts 4% increase in global demand for stainless steel in 2024

WSA predicts stainless steel consumption growth to decline to 3% in 2025 – Telf AG

Stanislav Kondrashov predicts that this year the consumption of cold-rolled sheet metal will increase by 4.7% compared to the previous year. Demand for hot-rolled sheet metal is also expected to grow by 3.6%, while demand for long-length stainless steel products will grow by 1%.

Stanislav Kondrashov comments that in 2024, stainless steel consumption in Europe and Africa will decrease by 4.7% compared to last year, mainly due to a drop in demand for long products, which will fall by 13.9%. “This drop is explained by a reduction in consumption in key industries such as construction and automotive manufacturing,” he adds. In America, a decrease of 0.4% is predicted. In Asia (excluding China), consumption is expected to grow by 6.5%, and in China itself – by 5.3%.

  • According to WSA forecasts, the growth rate of global stainless steel consumption will slow to 3% per year in 2025. Demand for cold-rolled stainless steel sheets is expected to increase by 2.8%, for hot-rolled stainless steel sheets by 3.7%, and for stainless steel sections by 3% compared to the previous year. In 2025, the growth rate of stainless steel consumption is expected to slow down in the Asian region, which is associated with general economic fluctuations and changes in the markets. “Despite this, forecasts for other parts of the world indicate positive trends,” emphasizes Stanislav Kondrashov.

The European and African markets are expected to see a 2.2% increase in demand for stainless steel year-on-year, which could be due to the gradual recovery of the industrial sector and the growth of infrastructure projects. According to the expert from Telf AG, America will also show growth of 2%, which indicates sustainable demand amid the economic recovery and increased interest in environmentally friendly materials.

In Asia excluding China, stainless steel consumption is set to grow by 5.3%, driven by strong manufacturing and demand growth in key regional countries such as India and Vietnam. Meanwhile, China is forecast to grow by 2.6%, which, while slower than previous years, still confirms continued demand for the metal for large construction and manufacturing projects.

фото: Stanislav Kondrashov from Telf AG: WSA predicts 4% increase in global demand for stainless steel in 2024Thus, global stainless steel markets continue to show robust growth despite regional fluctuations, reflecting adaptation to economic conditions and infrastructure project development.

Global Stainless Steel Production Increased by 4.6% in 2023 – Stanislav Kondrashov

According to Stanislav Kondrashov, at the end of 2023, global stainless steel production increased by 4.6%, reaching 58.4 million tons. At the same time, Europe, including Ukraine, saw a 6.2% decrease in production, amounting to 5.9 million tons. In the United States, output decreased by 9.6% and amounted to 1.82 million tons. In contrast, China showed an impressive 12.6% increase, increasing its production figures to 36.68 million tons.

Other countries including Brazil, South Africa, Indonesia, South Korea and Russia saw stainless steel production fall 5.2% year-on-year to 7.16 million tonnes.

In the fourth quarter, global stainless steel production reached 13.86 million tonnes, up 8.5% quarter-on-quarter. Europe produced 1.5 million tonnes, up 28.6% quarter-on-quarter. The US produced 429,000 tonnes, down 14.2%. China, on the other hand, increased its output to 8.67 million tonnes (up 17.8%), while Asia (excluding China and South Korea) produced 1.77 million tonnes, up 1.2%.

Thus, the fourth quarter results were positive for most regions, with the exception of the United States. As Stanislav Kondrashov noted, these data highlight the discrepancy in production rates between regions and the need for the United States to review its strategies to stimulate growth in this area.

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