What's the stainless steel outlook for 2024?
Steel NewsDate: 25-10-2023 by: Ngoc Cam
Stainless steel is an indispensable material for global industry and construction. According to the International Stainless Steel Forum (ISSF), it is predicted that stainless steel consumption will increase by 3.6% by 2024. Vietnam has many advantages in stainless steel production, promising a breakthrough in stainless steel exports in 2024.
1. Stainless Steel Outlook In 2024
The world economic recession, high inflation, supply chain and political issues have caused many fluctuations in the steel market in general and stainless steel in particular. After a recovery of 2.3% in 2023, WorldSteel forecasts that global steel demand will grow by 1.7% in 2024.
In addition, the Bureau of International Recycling (BIR) reported that the growth of global stainless steel is expected to reach up to 4% next year. Hot-rolled flat stainless steel consumption will grow at the fastest rate of 5.2% compared to 2023, followed by cold-rolled steel and long steel with rates of 3.2% and 3.7%, respectively.
The highest stainless steel consumption in 2024 is expected in Asia (excluding China) with 5.6% over the same period, followed by the EU, Africa and China.
2. Stainless Steel Consumption Outlook for Asia in 2024
According to The Mirror newspaper, Asia's stainless steel prices bottomed out in August and gradually recovered in September 2023, but it is still difficult to accurately predict the future situation. The report also highlights the backlog and difficulties of the stainless steel market in the fourth quarter. The cause is said to be due to the depletion of scrap sources and the macroeconomic recession leading to production stagnation. The latest data from the Indian Stainless Steel Development Association shows that domestic consumption rose nearly 10% in the most recent financial year. World average stainless steel production decreased by 5.2% in 2021 and 55.2% in 2022.
3. Stainless Steel Consumption Outlook for Other Regions in 2024
In the United States, the economy is gradually recovering well, sectors such as infrastructure and energy production are growing steadily. After a 2.6% decrease in 2022, US steel demand has increased again by 1.3% in 2023 and is expected to increase by 2.5% in 2024. As of the first half of 2023, the US has exported more than 267,000 tons of recycled stainless steel, up 78% over the same period in 2022.
Robust increase in demand for stainless steel in industrial sectors in Mexico, India, Taiwan, and Middle East regions brings promising prospects for the global stainless steel industry.
4. Strength Of Vietnamese Stainless Steel Imports In The Future
Vietnam is one of the potential stainless steel import markets in Asia in particular and the world in general. In 2023, Vietnam continues to promote investment projects in modern production line systems such as Sendzimir rolling machine - 1300mm wide stainless steel cold rolling technology and machinery equipment from Tenova, Danieli,... Currently, Vietnamese stainless steel has been exported to many major markets such as the United States, Australia, India, Turkey, Europe,... fully meeting the standards international and customer wishes.
With the mission of bringing the most perfect experiences to customers, MRS Steel constantly expands its network connecting the largest factories in Vietnam so that importers have the best choices. In particular, with a team of experts in market analysis, sourcing and supply chain, MRS Steel can support you from A-Z.
If you have any questions or need to import quality Vietnamese steel at the best price at any time, please contact MRS Steel via Email: vanloc@mrssteel.com.vn or Whatsapp: +84 76 911 2358 for enthusiastic consultation.
