Global Stainless Steel Production Increased by 7% in 2024

Global stainless steel production saw significant growth in 2024, rising by 7% compared to 2023. According to data from the World Stainless Association, global output reached 62.621 million tons. China, the leading producer, continued to dominate the global market, producing 39.44 million tons, which marked a 7.5% increase year-over-year (y/y).

Regional Stainless Steel Production Growth

• China remains the key player in the global stainless steel market. The country’s production growth of 7.5% y/y was a major contributor to the overall increase in global output.

• Europe (including Ukraine) increased stainless steel production by 1.5% y/y, reaching 6.09 million tons. While Europe showed moderate growth overall, the region faced a 7.4% decline in production during the fourth quarter.

• United States saw a 6.9% y/y rise in output, reaching 1.95 million tons. However, production in the U.S. declined by 8.5% in the fourth quarter compared to the previous quarter.

• Other Asian countries (excluding China and South Korea) experienced a 6.4% y/y increase in stainless steel production, totaling 7.32 million tons. Countries like Brazil, South Africa, and Russia also contributed to global growth, collectively increasing production by 9.2% y/y, reaching 7.82 million tons.

Quarterly Production Trends

In the fourth quarter of 2024, global stainless steel production grew by 4.9% quarter-over-quarter (q/q), reaching 16.45 million tons. However, production in Europe and the United States showed significant declines of 7.4% and 8.5%, respectively. On the other hand, China saw a notable increase of 8.5%, producing 10.74 million tons in the same period. Asia (excluding China) also reported a strong quarterly growth of 8.5%.

Global Comparison of 2023 vs. 2024

Looking at the previous year, global stainless steel production in 2023 increased by 4.6% compared to 2022, reaching 58.4 million tons. China’s production jumped by 12.6% to 36.68 million tons, while Europe and the United States experienced production declines in 2023. Europe’s output dropped by 6.2% to 5.9 million tons, while the U.S. saw a 9.6% y/y decrease, producing 1.82 million tons.

Conclusion

The global stainless steel production growth in 2024 highlights China’s continued dominance in the sector. While regions like Europe and the United States faced some production declines, Asian countries, particularly China, were key drivers of the industry’s expansion. As demand for stainless steel continues to rise, these trends underscore the shifting dynamics in global manufacturing.