ICDA: "Global Stainless Steel Production Expected to Grow by 4.4% This Year"

Global stainless steel production is projected to grow by over 4% this year, largely driven by increased production in China and Indonesia.

The International Chromium Development Association (ICDA) recently announced at the 2024 member meeting held in Hong Kong that global stainless steel production in 2024 is expected to reach 60.53 million tons, a 4.4% increase from the previous year.

Founded in Paris in 1990, the ICDA is an international organization that promotes the development and marketing of chromium and forecasts trends in key demand industries, including the stainless steel industry.

Regarding this year's stainless steel production outlook, the ICDA stated, "China's production is expected to increase by 5% from the previous year, reaching around 40 million tons, and Indonesia's production is expected to surge by 20%, reaching 5.5 million tons. These two countries will lead the production increase. The combined production share of these two countries is expected to reach 72.63%, showing a significant increase from 53.24% in 2015."

The ICDA also noted, "The main demand industries for stainless steel this year, including consumer goods, petrochemicals, energy, and infrastructure, are expected to maintain average levels. In contrast, demand in the automotive and heavy industry sectors is expected to decline."