Global stainless steel demand to rise 5 percent

Friday, 09 December 2005 10:56:41 (GMT+3)   |  
       

Global stainless steel demand to rise 5 percent

The International Stainless Steel Forum (ISSF) expects demand for stainless steel products to rise around 5 percent for 2006. Accordingly, the speakers at the ISSF latest conference in Seoul forecast that global stainless steel production may hit a record next year. Indian Stainless Steel Development Association President Nirmal Mathur expects that global stainless steel production to increase 6 percent to 26.5 million metric tons in 2006. Nirmal Mathur indicates that the high prices of raw materials such as nickel and ferrochrome and the excess stock impacted the production growth rate this year. Meanwhile, the stainless steel consumption in China is expected to amount 5.75 million metric tons in 2005. China's stainless steel demand is expected to reach 12 million metric tons by 2014.

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