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Stainless steel output forecast to top previous best again
May 2003
Western World stainless steel production reached 18.9 million tonnes in 2002. This was above the highest figure previously recorded. If you add 800,000 tonnes from China and other parts of Europe, the global outturn was 19.7 million tonnes.
A further improvement in stainless steelmaking is anticipated in 2003 reports MEPS International. Demand from China is expected to remain solid. A modest but steady rise in consumption in the rest of the world should take place. Consequently, they forecast Western World production this year expanding to 19.35 million tonnes. This would push total world output to over 20 million tonnes.
In the EU new capacity has been added with the start up of the Tornio plant in Finland. Notwithstanding, MEPS anticipate production this year moving up by just 250,000 tonnes. Regional demand is not likely to be sufficiently strong to take up the full capacity increase. Higher export sales should help but MEPS believes AvestaPolarit will regulate supply to avoid seriously damaging domestic prices.
Stainless steelmaking in the United States is forecast to grow in 2003. New capacity installed at NAS has pushed up the average quarterly output in the country to 572,000 tonnes. MEPS see this rate being easily maintained and surpassed over the year. Their forecast for production this year is 2.35 million tonnes - up 7.7 percent on the 2002 figure.
Japanese demand will be stagnant this year. MEPS expects steelmaking to be marginally lower as the producers curtail supply to improve local market prices. South Korean output has held steady in recent years. The economy is performing well. A modest increase to 1.6 million tonnes is highly probable in 2003 with strong demand from the automotive and home appliance sectors. MEPS also expect Taiwanese stainless steel manufacturing to hold up this year at a similar value to that recorded in the previous twelve months.
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