MEPS estimates that world stainless steel output climbed by a double-digit percentage, year-on-year, in 2021. The increase was driven by expansions in Indonesia and India. Global growth is expected to be 3%, in 2022. This will equate to a new all-time high of 58 million tonnes.
In the first nine months of 2021, Indonesian production exceeded that recorded in India. Further investment in capacity additions is envisaged in Indonesia, due to the abundant domestic supply of nickel. Consequently, stainless steel output is forecast to expand by more than 6%, in 2022.
Investment in new capacity is likely to enable the domestic mills to produce a total of 31.5 million tonnes, in 2022.
Indian supply, in 2021, exceeded pre-pandemic levels. Significant government stimulus, in the renewable energy and infrastructure sectors, should support stainless steel consumption, this year. Consequently, mills in the country are forecast to produce 4.25 million tonnes, in 2022.