Global stainless steel slab production in 2019 rose by over 3pc to 54mn mt compared to the previous year, according to a World Bureau of Metal Statistic’s (WBMS) report on stainless steel production and usage over the last couple of years.
In 2019, Asia produced the most stainless steel slabs, accounting for 80pc of global production, while Europe contributed only 13pc. The US contributed 5pc of global stainless steel slab production, and the rest of the world produced the remaining 2pc.
Stainless steel slab output in Asia rose by 6pc to 42mn mt in 2019 from a year earlier, of which China’s production grew by 10pc, while India’s and Indonesia’s shares rose by 5pc each. On the other hand, Europe’s stainless steel slab output was on par with the US—decreasing by 8pc in 2019 compared to 2018.
From a usage standpoint, Asia again led the way by consuming almost three quarters of the world’s stainless steel in 2019. China used two-thirds of it, while India, Japan, and South Korea comprised 10pc, 6pc, and 4pc, respectively, of the continent’s total stainless steel consumption.
Europe used around 17pc of all the stainless steel produced globally, with Germany, Italy, and France consuming 50pc of it. North America consumed around 7pc of all stainless steel produced, with the US comprising 90pc of it in 2019.
Comparing usage in 2019 to the previous year, Asia’s consumption rose by 10pc to 33.3mn mt from 30.2mn mt, while Europe’s usage remained almost flat at 7.4mn mt compared to 7.5mn mt in 2018. North America’s usage dropped by almost 6pc to 3.2mn mt in 2019 from 3.4mn mt in 2018.