The International Stainless Steel Forum (ISSF) has forecasted global consumption to grow by 8.4pc next year.
Cold rolled stainless steel consumption is expected to increase by 7.8pc in 2021, while hot rolled stainless steel is projected to rise by 8.7pc. Stainless steel long products and long product semis are expected to rise by 11.8pc and 5.1pc, respectively, ISSF stated.
Total stainless steel consumption is expected to drop by 5.1pc in 2020 after growing by 3.5pc in 2019, with cold rolled stainless steel declining by 4.6pc and hot rolled stainless steel falling by 5.2pc this year. Long products and long product semi stainless steel are projected to drop by 7.1pc and 7pc, respectively, from last year, ISSF reported.
Stainless steel consumption in Europe and Africa is forecasted to grow by 8.2pc next year after dropping by 14.1pc this year, while the Americas’ stainless steel usage will increase by 12pc after falling by 15pc this year. Asia, excluding China, will see 12.7pc growth next year following a 15.1pc decline in 2020. China’s stainless steel usage is expected to to increase by 6.5pc in 2021 after growing by 3.2pc this year, ISSF reported.
However, global stainless steel melt shop production in the first half of this year dropped by 9.4pc compared to H1 2019.