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.