Global stainless steel production increases in Q1 y-o-y

Global stainless steel production rose by 5.5% in January-March 2024 compared to the same period in 2023, reaching 14.58 million tons, according to the World Stainless Association. However, production decreased by 1.3% compared to the previous quarter.

Europe, including Ukraine, saw a 4.8% decrease in production compared to Q1 2023 but a 3.7% increase from the previous quarter, totaling 1.56 million tons. In the United States, production increased by 6.5% year-on-year and 15.8% quarter-on-quarter to 509,000 tons.

In Asia, excluding China and South Korea, production increased by 12.9% year-on-year but decreased by 5.2% quarter-on-quarter, amounting to 1.84 million tons. Meanwhile, China produced 8.58 million tons, marking a 2.1% year-on-year and 4.5% quarter-on-quarter increase.

Other countries, including Brazil, South Africa, Indonesia, South Korea, and Russia, collectively increased production by 25% year-on-year and 10.1% quarter-on-quarter, driving growth to 2.08 million tons.