As per the latest report from the esteemed International Stainless Steel Forum, the worldwide consumption of stainless steel is anticipated to maintain stability throughout 2023 before embarking on an upward trajectory in 2024, with a notable increase of 3.6% year on year. While global consumption of hot rolled and cold rolled stainless steel is projected to remain unchanged and experience a marginal decline of 0.2% in 2023, respectively, both figures are set to rebound in 2024 with substantial growth rates of 5.2% and 3%, respectively. Delving deeper into the data presented by the ISSF, it reveals intriguing insights about specific regions. In the year 2023, China is expected to witness a modest increase of 1.1% in stainless steel consumption, while the Asia region excluding China is poised for a more substantial surge of three percent. Conversely, the United States is projected to experience a decline of 4.1%compared to the previous year. Looking ahead to 2024, the consumption of stainless steel in China is predicted to rise by 2.7%, while the Asia region excluding China is primed for a significant surge of 5.6%. The United States, too, is expected to rebound with a growth rate of 4.1% year on year.
As per the latest report from the esteemed International Stainless Steel Forum, the worldwide consumption of stainless steel is anticipated to maintain stability throughout 2023 before embarking on an upward trajectory in 2024, with a notable increase of 3.6% year on year. While global consumption of hot rolled and cold rolled stainless steel is projected to remain unchanged and experience a marginal decline of 0.2% in 2023, respectively, both figures are set to rebound in 2024 with substantial growth rates of 5.2% and 3%, respectively. Delving deeper into the data presented by the ISSF, it reveals intriguing insights about specific regions. In the year 2023, China is expected to witness a modest increase of 1.1% in stainless steel consumption, while the Asia region excluding China is poised for a more substantial surge of three percent. Conversely, the United States is projected to experience a decline of 4.1%compared to the previous year. Looking ahead to 2024, the consumption of stainless steel in China is predicted to rise by 2.7%, while the Asia region excluding China is primed for a significant surge of 5.6%. The United States, too, is expected to rebound with a growth rate of 4.1% year on year.
