Global stainless steel production grew by 7% y-o-y in 2024
Global stainless steel production in 2024 increased by 7% compared to 2023 to 62.621 million tons. This is evidenced by the data of the non-profit organization World Stainless Association.
Over the year, Europe, including Ukraine, increased stainless steel production by 1.5% y/y – to 6.09 million tons. The United States increased its output by 6.9% y/y over 12 months – to 1.95 million tons.
In Asia, excluding China and South Korea, stainless steel production last year increased by 6.4% y/y – to 7.32 million tons, and China produced 39.44 million tons of stainless steel over the same period, up 7.5% y/y.
Other countries, such as Brazil, South Africa, Indonesia, South Korea, and the Russian Federation, increased stainless steel production by 9.2% y/y – to 7.82 million tons.
In the fourth quarter of 2024, global stainless steel production increased by 4.9% q/q – to 16.45 million tons.
Europe decreased production by 7.4% q/q – to 1.39 million tons, while the United States decreased by 8.5% q/q – to 441 thousand tons. China increased its production by 8.5% q/q – to 10.74 million tons, Asia (excluding China) – by 8.5% q/q, to 1.93 million tons, and other countries – by 3.7% q/q, to 1.95 million tons.
Thus, the quarterly growth was provided by Asian countries, in particular, China, while other regions showed a decline in production in the fourth quarter. Europe and the United States showed the lowest year-on-year figures, while China and Asia showed the highest.
As GMK Center reported earlier, global stainless steel production in 2023 increased by 4.6% compared to 2022 to 58.4 million tons. Europe, including Ukraine, decreased its stainless steel production by 6.2% compared to 2022 to 5.9 million tons. The United States for the year decreased by 9.6% y/y – to 1.82 million tons, China – increased by 12.6% y/y – to 36.68 million tons.
Asonext invests to enhance capacity, quality
Italian stainless steel producer Asonext is investing in its facility in Brescia, aiming for an increase in output and an upgrade in product quality by modernising its 40-tonne argon-oxygen decarburisation (AOD) converter.
Primetals executed the project, overseeing the engineering, mechanical equipment supply, and supervising the construction and implementation phases.
“We are targeting the supply of special stainless steel grades and alloys for highly demanding applications, which requires a specific production process with the AOD converter. Thanks to this converter upgrade, we will be able to meet current and future market demands. Additionally, we are targeting a production increase over the mid- to long-term,” Asonext chief operating officer Federico Curreli says in a note obtained by Kallanish.
Primetals has developed a new, bigger vessel geometry with a 30% increase in inner volume. This enhancement improves vessel lining function and boosts reaction volume. The new strengthened top cone increases equipment life and simplifies maintenance for service technicians.
In the first quarter, Primetals will supply metallurgical consultancy services to improve the newly adopted converter’s production process. As a result of the renovation, Asonext will be able to produce 50,000 tonnes/year of special stainless steel.
Natalia Capra France
EU stainless flats start year slow
The European stainless flat steel market is experiencing a slow recovery this year, stainless steel processors and service centres tell Kallanish.
EU coil producers are increasing their prices by €20-30/tonne ($20.8-31.2/t) for March delivery. This, however, will face resistance from buyers because of the challenges in transferring the increases downstream. Certain mills are currently quoting lead times for March, while others continue to fill February order books. This year, there has been some increase in orders for sheets, a source in Italy reports. He indicates a lead time for sheets extending to the end of March. Orders for tubes, however, continue to show subdued demand.
Several coil buyers have voiced their apprehensions regarding the 8% duties they will be required to pay for coils imported from Indonesia. Prevailing sentiment among buyers discourages taking part in the import market. In northern and western Europe, stainless cold rolled coil for February delivery is at €2,450-2,460/t delivered. The market price for Italian stainless CRC stands at €2,400/t delivered. Stainless hot rolled coil in Europe, including Italy, is ranging between €2,150-2,200/t delivered.
Distribution prices are experiencing persistent downward pressure, reflecting trends observed in the fourth quarter. Distributors and service centres tell Kallanish they are struggling to implement price increases, leading to significant negative financial impacts. Flat product stocks in northern and central Europe are currently assessed as moderately low, while those in Italy are said to be higher. Current pricing for sheets in Europe is reported to average €2,550-2,600/t delivered, with Italy slightly lower at €2,500/t, according to sources. Current scrap prices are not supporting finished products. The European stainless scrap market is marked by a lack of significant activity. Scrap demand from mills in Europe is subdued, largely due to their continued procurement of cheaper slab and nickel pig iron from Asia. Steel producers are anticipated to continue sourcing these materials, whereas demand for scrap is expected to remain weak in the coming months.
“The significant contraction observed in purchasing activity aligns with the overall performance of the European industrial sector… Many believe that the current persisting demand weakness is likely to continue throughout the entire first quarter,” Italian trade association Assofermet says in a market note seen by Kallanish. This year, the market will face challenges due to rising energy costs, potentially resulting in price hikes as companies strive to restore their margins.
Natalia Capra France
Marcegaglia UK expands stainless steel tube production
Marcegaglia UK has announced an expansion of its manufacturing capabilities at its Oldbury site and now produces electro-welded stainless steel tubes.
The addition complements its existing production of carbon steel tubes, allowing it to provide a broad range of high-quality steel products for various applications, Kallanish learns from the company.
The Oldbury facility spans 69,000 square metres, with 46,184 square metres of covered space. It is equipped with four production lines for carbon steel tubes, with a total capacity of 70,000 tonnes, alongside three production lines for stainless steel tubes, enhancing the capacity by an additional 30,000t.
The production of stainless steel welded tubes at Marcegaglia UK focuses primarily on steel grade 304, adhering to the EN10296-2 standards for round tubes and ASTM A544 standards for square and rectangular tubes.
The company says the expansion marks a significant step in its UK’s growth, reflecting its dedication to meeting the diverse needs of its customers across the steel industry whilst its production lines are equipped to provide a variety of specific tube finishes.
Marcegaglia UK has recently become a member of the British Stainless Steel Association (BSSA).
Carrie Bone UK
EU exempts Vietnam stainless producer from countervailing duties
The European Commission has exempted one Vietnamese supplier from EU countervailing duties on imports of stainless steel cold-rolled flat products, Kallanish notes.
It previously imposed duties on stainless steel cold-rolled flat products from Indonesia, Taiwan, Turkey, and Vietnam.
As no evidence was found that Lam Khang’s stainless steel cold-rolled flat products benefited from subsidies, the company has been granted an exemption from countervailing duties. Duties previously collected from Lam Khang-origin imports are to be refunded, with the amendment effective from 18 December and retroactively applicable from 8 May 2024.
Requests for exemptions from Trinox Metal Sanayi ve Ticaret A.Ş. (Turkey) and Yongjin Metal Technology (Vietnam) have meanwhile been rejected.
The EU’s definitive countervailing duty applies to CN codes 7219 31 00, 7219 32 10, 7219 32 90, 7219 33 10, 7219 33 90, 7219 34 10, 7219 34 90, 7219 35 10, 7219 35 90, 7219 90 20, 7219 90 80, 7220 20 21, 7220 20 29, 7220 20 41, 7220 20 49, 7220 20 81, 7220 20 89, 7220 90 20 and 7220 90 80.
Exemptions apply to the following producers:
| Country | Company |
| Taiwan | Chia Far Industrial Factory Co., Ltd. |
| Taiwan | Tang Eng Iron Works Co., Ltd.
Tung Mung Development Co., Ltd. Walsin Lihwa Corporation Yieh United Steel Corporation Yuan Long Stainless Steel Corp. |
| Türkiye | Posco Assan TST Celik Sanayi A.Ş. |
| Vietnam | Posco VST Co., Ltd.
Lam Khang Joint Stock Company |
Elina Virchenko UAE
