In 2022, global stainless steel production decreased by 5.2% compared to 2021, reaching 55.3 million tonnes.

In 2022, Europe’s production decreased by 12.4% compared to 2021, especially in Ukraine, reaching 6.29 million tonnes. The United States production fell by 14.8% yearly, reaching 2.02 million tonnes.

In Asia, excluding China and South Korea, stainless steel production decreased by 4.9% year-on-year in 2022 to 7.41 million tonnes, while production in China during the same period decreased by 2% year-on-year to 31.97 million tonnes.

In other countries, notably Brazil, South Africa, Indonesia, South Korea, and Russia, stainless steel production declined by 9.1% year-on-year over the past year to 7.58 million tonnes.

In the fourth quarter of 2022, global stainless steel production increased by 8.6% compared to the previous quarter, reaching 13.71 million tonnes.

The index increased in Europe during the period from October to December 2022 by 28.6% compared to July-September of the same year, reaching 1.5 million tonnes, and in Asia (excluding China and South Korea) – by 1.2%, reaching 1.77 million tonnes and in China by 18.2%, reaching to 7.26 million tonnes. It decreased in the United States by 14.2%, reaching 429 thousand tonnes, and in other countries by 25.5% quarterly, reaching 1.48 million tonnes.

In 2021, world stainless steel production increased by 10.6% compared to 2020, reaching 56.3 million tonnes.

According to MEPS forecasts, global stainless steel production in 2023 will grow to 60 million tonnes, and stainless steel producers in China and Indonesia will be significant contributors.