ISSF: Global stainless steel output in H1 2016 surpassed 22 million mt
According to recent statistics published by the International Stainless Steel Forum (ISSF), the global stainless steel production increased 4.10% during the initial six months of 2016, in comparison with the corresponding half yearly period in 2015. The stainless steel melt shop production during the second quarter of the year surged higher by 15% when matched with Q1 2016.
The total stainless steel output during the six months of 2016 amounted to 22.067 million metric tons, higher by 4.1% when compared with the output of 21.202 million mt during Jan-June ‘16. When compared with the production during the quarter before, the stainless steel output during Q2 2016 has grown by almost 15.1%. The global stainless steel output during Q1 2016 had totaled only 10.260 million mt as compared with 11.807 million mt during Q2 this year.
The production in the Western Europe/African region was down marginally by 1.40% to total 4.007 million mt during the first half year of 2016, in comparison with the production of 4.065 million mt during H1 2015. The Central/ Eastern European region’s production too dropped when matched with the previous year. The output registered decline of 5.2% over the previous year to total 126,000 mt. The region had produced 133,000 metric tons of stainless steel during the initial six-month period in 2015.
The stainless steel output by the Americas has declined significantly by 6.2% during the initial six-month period of the year to 1.363 million mt. This is when matched with the production of 1.453 million mt during the corresponding six-month period last year. The Chinese output increased modestly by 7.9% year-on-year during H1 this year to 11.729 million mt. The stainless steel production by China had totaled 10.867 million mt during Jan-June ’15. The output by the Asian region excluding China too reported growth of 3.4% over the year. The stainless steel output totaled 4.842 million mt in H1 2016 as against the output of 4.684 million mt during the initial half of 2015.
The stainless steel production during the second quarter of the current year by Western Europe/Africa rose significantly by 5.0% to 2.052 million mt when compared with the prior quarter. The region’s stainless steel output had totaled 1.955 million tonnes during Q1 2016. The quarterly output by Central/Eastern Europe region edged lower by 5.4% to 61,000 mt when matched with the production of 65,000 tons during the initial quarter of 2016. The Americas and Asian region excluding China witnessed quarter-on-quarter growth of 12.4% and 2.2% respectively. The Chinese output in second quarter of the current year surged higher by 25.4% over the previous quarter.
Meantime, a new research report published by OrbisResearch.com states that global stainless steel market is expected to touch $127.19 billion by 2024. The stainless steel usage by automotive industry is expected to report fastest CAGR growth from 2016 to 2024. Stainless steel will also find increased use in a wide range of applications in various industries including building & construction, transportation, industrial machinery, household appliances, metal goods, and electronics.