Worldwide stainless steel melt shop production fell by 2.5pc to 50.9mn mt in 2020 compared to 52.2mn mt in the previous year, according to International Stainless Steel Forum (ISSF).
In Europe, stainless steel melt shop output fell by 7.1pc in 2020 to 6.3mn mt from 6.8mn mt in 2019. Output in the US declined by 17.3pc to 2.1mn mt from 2.5mn mt during the same period while China’s stainless volumes increased 2.5pc to 30.1mn mt from 29.4mn mt. Production in Asia, excluding China and South Korea was down by 18.6pc to 6.4mn mt last year from 7.8mn mt in the year prior. From all other regions, output increased by 6pc to 5.8mn mt in 2020 compared to 5.5mn mt in 2019.
During the last quarter of 2020, stainless steel production rose in Europe by 9pc to 1.7mn mt compared to 1.5mn mt in Q4 2019. In the US, output dropped by 2pc to 568,000mt from 574,000mt in the same quarter in 2019. In China, production increased by 16pc to 8.2mn mt from 6.9mn mt during the same period. Asian output fell by 10pc to 1.8mn mt from 2mn mt in the Q4 comparison. In the rest of the world, stainless steel production climbed to 1.76mn mt from 1.3mn mt in Q4 2019.