According to a forecast from the International Stainless Steel Forum (ISSF), global stainless steel consumption will remain at the 2022 level in 2023 and rise by 3.6% in 2024.

In 2024, the consumption of hot-rolled flat stainless steel was expected to grow by 5.2%, cold-rolled stainless steel will hike by 3.2%, and long products will rise by 3.7%, all on a year-on-year basis.

During this period, the consumption of stainless steel in Asia (excluding China) will grow the fastest, up by 5.6% year on year. The growth in the EU, Africa, America, and China will be 4.5%, 4.5%, 4.1%, and 2.7%, respectively.

The independent steel industry analyst MEPS forecasted that global stainless steel production will rise to 60 million tons in 2023, and the output will be significantly driven by China and Indonesia.