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Global stainless steel production decreased

In January-June 2023, global stainless steel production decreased by 1.7% compared to the same period of 2022, reaching 28.44 million tonnes. The most significant decrease in stainless steel production was seen in Asia excluding China and South Korea, down 14.6 per cent y-o-y.

Global stainless steel production decreased

During this period, Europe, particularly Ukraine, reduced its stainless steel production by 13.4% compared to January-June 2022, totalling 3.14 million tonnes. The United States also produced 942 thousand tonnes in the first half of the year, down 13.5% y-o-y.

In Asia, excluding China and South Korea, stainless steel production in the January-June period totalled 3.32 million tonnes, down 14.6% from the same period in 2022. However, China increased its stainless steel production by 8.2% y-o-y, totalling 17.59 million tonnes in the same period.

Other countries such as Brazil, South Africa, Indonesia, South Korea and Russia collectively reduced their stainless steel production by 1.7% y-o-y, bringing the total output to 3.46 million tonnes.

In the second quarter, world stainless steel production reached 14.76 million tonnes, up 7.8% from the previous quarter. Europe produced 1.49 million tonnes, down 8.8% y-o-y, while the US recorded 465 thousand tonnes (down 2.7% y-o-y). In contrast, China increased its production by 12.6% y-o-y to 9.31 million tonnes and Asia excluding China and South Korea produced 1.69 million tonnes, up 3.4% y-o-y.

As a result, China was the main driver of growth in global stainless steel production in the first half and second quarter of the year.

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