Global stainless steel consumption to inch up in 2023: WSA

Global stainless steel consumption is expected to increase slightly by 1.2% in 2023 and may increase in 2024 by 3.4% y-o-y. However, total consumption fell by 1.6% in 2022 compared with the previous year, according to the latest data from the World Stainless Association (WSA).

Inflation, tighter monetary supply, logistical issues and the Russia-Ukraine war were the key factors denting demand in 2022. As a result, steelmakers have adjusted their output levels in 2023 to cope with deteriorating conditions.

Product-wise demand

Global consumption of cold rolled stainless steel sheets inched up by 0.5% in 2022 and is expected to increase by 0.9% in 2023. Consumption of hot rolled stainless steel dropped by 8.3% in 2022 and is expected to increase by 2.7% this year. While consumption of long products of stainless steel dipped by 1.8% y-o-y, it is expected to increase by 0.7% in 2023 and 3.1% in 2024, respectively.

In 2024, the consumption of cold rolled flat stainless steel products may increase by 3.2%, while the demand for HR flats may show a growth of 4.3%.

Region-wise consumption

Consumption in the Americas in 2022 decreased by 3% and is expected to be dipped further by 6.3% in 2023. In contrast, consumption in Europe increased by 1.2% in 2022 but is expected to decrease by 12.4% in 2023.

Consumption in Asia, excluding China, fell by 4.1% and is expected to decrease further by 1.5% in 2023 compared to the previous year.

Whereas, consumption in China in the year 2022 decreased marginally by 1.2% and it is expected to increase by 6.7% this year. In 2024, China's consumption of stainless steel is expected to increase further by 4.1% in 2024.