World stainless production plummets 30%
World stainless steel production fell by almost 30% year-on-year in the final quarter of 2008, estimates analyst Macquarie Research Commodities. This is the biggest such quarterly drop since 1975, it adds, reflecting the severity of the global turndown and the “desperate measures” taken by stainless mills.
Factoring in this decline in activity, Macquarie estimates global stainless production at 26.4m tonnes in 2008. This is 6.6% down on its figure of 28.3m t for 2007, which in turn was 1.2% below the record 28.6m t in 2006 (slightly more than the International Stainless Steel Forum’s 28.4m t for that year).
Info provided courtesy SBB Steel Purchaser