Global stainless steel melt shop production increased by 24.7pc to 14.5mn mt in Q1 2021 (January-March), according to data released by the International Stainless Steel Forum (ISSF). As economies recovered from the COVID-19 setback, stainless consumption has increased globally, supporting higher production.
In Q1, production dropped in the US and some Asian countries including India, Japan and Taiwan compared to the prior year, while it rose significantly in China as well as Indonesia and South Korea. On the other hand, production rose in all regions except China when compared to the Q4 2020 or the December quarter.
| Global stainless steel melt shop production in Q1 | |||||
|---|---|---|---|---|---|
| Region | Q1 2021 | Q1 2020 | Change YoY | Q4 2020 | Change QoQ |
| Europe | 1,909 | 1,812 | 5.30% | 1,719 | 11.00% |
| US | 624 | 627 | -0.40% | 568 | 9.70% |
| China | 8,198 | 5,989 | 36.90% | 8,236 | -0.50% |
| Asia (excluding China, S Korea) | 1,880 | 1,886 | -0.30% | 1,837 | 2.40% |
| Others | 1,901 | 1,322 | 43.80% | 1,765 | 7.70% |
| Total | 14,512 | 11,636 | 24.70% | 14,125 | 2.70% |
Global SS production in 2020 fell by 2.5pc to 50.9mn mt from the prior year. In the first half of 2020, output dropped by 11pc amid disruptions caused by the pandemic, while it increased by 5.9pc in the second half on pent-up demand.