Stainless steel production growth to slow
A
MEPS (International) product story
Edited by the Engineeringtalk editorial team
Jul 5, 2005
MEPS forecasts global stainless steel production in 2005 at 25.3 million tonnes - an increase of 3.7% year on year, and below the long term average for the industry.
MEPS' forecast for global stainless steel production in 2005 is 25.3 million tonnes.
This represents an increase of 3.7%, year on year, and is below the long term average for the industry.
It still remains very clear that most of the growth will occur in the developing nations of the world.
Production in the industrialised countries is stagnating.
China remains the power house for stainless demand.
New capacity is being installed at a rapid pace to meet expanding requirements.
However, the government has recognised that current output increases are not sustainable.
Stainless steel has been included in a list of energy and resource investment industries which will be given less support from the government in future.
MEPS expects EU production to increase marginally in 2005 to 8.9 million tonnes.
Currently, the steam has gone out of the market due to poor economic activity in the region and a slowdown of export potential.
Japanese demand is reasonable - particularly from the automotive segment.
However, as in the EU, exports are much more difficult to find and output cuts have been put in place.
The US market suffers from high levels of imports.
The mills find it difficult to compete in many product categories.
Production in 2005 will be similar to the previous 12 months.
South Korean stainless steelmaking should level off at near to 2.4 million tonnes per annum after Posco's considerable investment over the past two years.
Taiwanese supply should also settle down at around 1.6 million tonnes in the medium term.
The mills in both countries have indicated production curbs in the third quarter.
China, South Africa and India are the countries exhibiting continuous growth tendencies.
Brazil is also likely to contribute more over the next few years.
There are increasing fears that China will become a net exporter of cold rolled coil in the short term and have a surplus of stainless steelmaking before the end of the decade.
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