Based on a report by Sheffield, UK based MEPS, global stainless steel output would increase again by a 3.6 percent this year and would attain a new record of 39.5 million tonnes. The MEPS review claimed that the global stainless steel output in 2013 was greater than the previous forecast. But the production in the established stainless steel making countries like EU, South Korean and Taiwan was comparatively low.
China and other developing countries were producing more stainless steel and were expanding in a faster pace. The Chinese outturn climbed faster than estimated and it was about 19 million tonnes last year. The forecast outturn of this year is about 19.75 million tonnes which represents nearly half of the total global production, even though the rate of growth this year was expected to slow.
US stainless steel production outturn was expected to remain at the exact level as that of 2013. Last year it was just over two million ton. A stronger outturn was also expected in Japanese stainless steel production, to reach a total of 3.3 million tonnes, up 4 percent on the previous year. Likewise South Korean and Taiwanese stainless steel outturn in 2014 was also forecasted to increase this year.