MEPS: Global crude stainless steel production to reach 60 million tons in 2023
Time:Fri, 03 Mar 2023 09:08:45 +0800
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According to the independent steel industry analyst MEPS, global crude stainless steel production will reach 60 million tons in 2023, and the output will be mainly driven by China and Indonesia.
India might be the third-largest stainless steel producer next year, with output surging by more than 10%. India is investing a lot in stainless steel consumption infrastructure projects.
In China, the government's decision to ease epidemic control restrictions has boosted market sentiment, with steelmakers increasing output as a result. In addition, the authorities introduced some stimulus measures for the real estate industry, which will boost economic activity.
MEPS also expected some downside risks, including geopolitical tensions and longer-than-expected destocking in the West. However, the dropping energy costs and easing inflationary pressures will be profitable for the stainless steel market.
