Research firm sees stainless boost in 2021
Research firm sees stainless boost in 2021
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Global stainless steel production will rise to 54 million tons in 2021, according to Raleigh, North Carolina-based research firm Beroe Inc.
Beroe cites “an improvement in economic activity and stainless steelmaking capacity in parallel, especially in Indonesia” for this year’s rise in output.
A lack of demand caused by COVID-19-related restrictions dropped output in 2020, but this year’s forecasted figure would represent an increase even over the 51 million tons of stainless steel produced in 2019, says the firm.
“Now, with the effect of the COVID-19 pandemic gradually waving away from markets, demand is expected to reach pre-pandemic times,” writes Beroe. “Since not many people will be inclined to travel, the demand for consumer goods is likely to rise. Steel distributors and suppliers believe that the demand for luxury items like appliances and automobiles will be on the rise, thus, prompting production in the global stainless steel industry and consequent supply of the metal.”
The research firm also points to a “supply-demand gap of stainless steel” that is widening in 2021 “owing to factors like high alloy surcharges along with a tightened supply of the metal.”
Other key findings, according to Beroe, include, “the imposition of tariffs and lack of imports at low prices are adding to raw materials costs,” and, “the imbalance in supply and demand of stainless steel flat products in the United States will intensify in the coming months.”
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Source: Recycling Today
Research firm sees stainless boost in 2021
<![CDATA[Global stainless steel production will rise to 54 million tons in 2021, according to Raleigh, North Carolina-based research firm Beroe Inc.Beroe cites “an improvement in economic activity and stainless steelmaking capacity in parallel, especially in Indonesia” for this year’s rise in output.A lack of demand caused by COVID-19-related restrictions dropped output in 2020, but this year’s forecasted figure would represent an increase even over the 51 million tons of stainless steel produced in 2019, says the firm.“Now, with the effect of the COVID-19 pandemic gradually waving away from markets, demand is expected to reach pre-pandemic times,” writes Beroe. “Since not many people will be inclined to travel, the demand for consumer goods is likely to rise. Steel distributors and suppliers believe that the demand for luxury items like appliances and automobiles will be on the rise, thus, prompting production in the global stainless steel industry and consequent supply of the metal.”The research firm also points to a “supply-demand gap of stainless steel” that is widening in 2021 “owing to factors like high alloy surcharges along with a tightened supply of the metal.”Other key findings, according to Beroe, include, “the imposition of tariffs and lack of imports at low prices are…