Global Stainless Steel Production Rises by 6.3% in First Half of 2024

Worldstainless

Global stainless steel production experienced a notable growth of 6.3% year-on-year, reaching a total of 30.37 million tonnes during the first half of 2024, according to a report released by Worldstainless, a Belgium-based industry research and development association. The increase was primarily driven by China, which recorded a 5.9% rise in output, producing 18.75 million tonnes, solidifying its position as the world’s largest stainless steel producer. Other Asian countries, excluding China and South Korea, also contributed significantly, achieving a robust 9% year-on-year growth to produce 3.62 million tonnes, reflecting increased industrial demand across the region.

In contrast, Europe displayed the slowest growth among major producers, with output inching up by just 0.3% to 3.14 million tonnes, highlighting persistent challenges in its industrial sector, such as high energy costs and economic uncertainties. Meanwhile, the grouping of Brazil, Russia, South Africa, South Korea, and Indonesia showed impressive progress with a collective 10% increase in production, reaching 3.84 million tonnes. The United States also exhibited strong performance, posting a 9% year-on-year rise to reach 1.03 million tonnes, driven by a rebound in manufacturing and construction demand.

Industry analysts have identified Indonesia as a critical player in the stainless steel market’s future, with its expanding production capacity and ongoing investments in steelmaking expected to drive further growth in the global market through the remainder of 2024 and into 2025. As the world's largest producer of nickel, a key raw material for stainless steel, Indonesia’s strategic focus on value-added industries positions it as a cornerstone of global production trends.

The broader increase in stainless steel production underscores a recovery in industrial demand across key regions, although Europe’s stagnation signals underlying economic pressures. Moving forward, Indonesia’s trajectory and the balance of supply and demand in global markets will remain pivotal in shaping the industry’s outlook.