Chinese Stainless Steel production forecast up slightly from last year

Posted in Industry News on 9th September 2011

William Rowland are a leading supplier of Stainless Steel.

China has been the largest steel industry in the world since around 2005 with approximately one third of the worlds share, being driven by ever increasing demand. However, it seems the current world economy is having an effect on Chinese Stainless Steel production, with forecasts only up slightly from last year. It is this slowdown, along with a surplus of domestic material that have seen forecast production go from 11.8 million tonnes last year up to just 12 million tonnes this year.

Although from Q4 FY10, to Q1 FY11 China did see the highest year-on-year growth with a production increase of 18%, however as predicted growth rates like this were not expected to be sustained over the course of the year which is now being proven correct.

Lou Dingbo, Chairman of the Stainless Steel Council of China Special Steel Enterprises Association and Vice President of Baoshan Iron and Steel expects that China's Stainless Steel consumption will grow around 5-7% within the next 5-10 years, however he did comment "China's Stainless Steel sector will see a tough picture in the months ahead as a gloomy global economy coupled with China's Stainless Steel over-capacity will weigh on Stainless Steel producers' business".

Nevertheless, it is expected we will see an overall increase in global Stainless Steel production that will see another year of record production.

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Tags: Metal Powders News, Stainless Steel News