At the meeting held by the World Stainless Steel Association on October 17, the annual growth forecast of global stainless steel consumption in 2022 and 2023 was readjusted.



The growth rate of global stainless steel consumption in 2022 is expected to drop from 10.9% in 2021 to - 0.6%, lower than the previous forecast of 3.6%. Among them, the consumption growth rate of cold-rolled stainless steel flat products decreased from 10.2% in 2021 to - 0.6%, lower than the 4.1% previously predicted; The consumption growth rate of hot rolled stainless steel flat products decreased from 10.7% in 2021 to - 1.5%, lower than the previous forecast of 2.8%; The growth rate of consumption of stainless steel and long materials decreased from 15.7% in 2021 to 0.5%, lower than the previous forecast of 2.4%; The consumption growth rate of semi-finished stainless steel long products decreased from 12.0% in 2021 to 0.1%, lower than the previous forecast of 3.6%. By region, the growth rate of stainless steel consumption in Europe/Africa is expected to drop from 18.5% in 2021 to 5.1%, higher than the previous forecast of 1.8%; The Americas dropped from 21.7% in 2021 to 3.1%, lower than the 5.2% previously predicted; Asia (excluding Chinese Mainland) will decline from 18.5% in 2021 to - 1.5%, lower than the 4.9% previously predicted; Chinese Mainland dropped from 5.6% in 2021 to - 2.3% (the first negative growth since 2008), lower than the 3.4% previously predicted.



Based on the new forecast for 2022, the growth rate of global stainless steel consumption in 2023 is still expected to be 3.2%. Among them, the consumption growth rate of cold rolled stainless steel flat products is still expected to be 3.1%, while the consumption growth rate of hot rolled stainless steel flat products, stainless steel long products and semi-finished stainless steel long products is adjusted to 3.5%, 3.1% and 3.3% respectively from the previously predicted 3.1%, 3.8% and 5.0%. By region, the growth rate of stainless steel consumption in Europe/Africa is expected to continue to decline to 1.9%, lower than the previous forecast of 2.8%; The Americas continued to decline to 1.0%, lower than the previous forecast of 3.0%; Asia (excluding Chinese Mainland) rose to 5.5%, higher than the previous forecast of 3.9%; Chinese Mainland rose to 3.1%, lower than the previous forecast of 3.2%.