MEPS revised the global stainless steel production forecast for 2022 from 58.6 million tons to 56.5 million tons, and the output for 2023 is expected to rebound to 6 million tons.

Worldstainless forecasted that consumption would recover next year. However, the high energy cost, the Russia-Ukraine war, and the global measure against inflation put the economy at risk.

With high energy costs, some leading European stainless steel mills started to cut their production in the middle of 2022, and the trend would continue. Besides, local distributors’ demand is low.