According to the International Stainless Steel Forum (ISSF), based on the epidemic situation which has greatly affected the global economy, it was predicted that the stainless steel consumption volume in 2020 will decrease by 3.47 million tons compared with its consumption last year, a year-on-year decrease of nearly 7.8%.

According to previous statistics from the ISSF, the global production of stainless steel in 2019 was 52.218 million tons, a year-on-year increase of 2.9%. Among them, except for the increase of about 10.1% in mainland China to 29.4 million tons, other regions have declined to varying degrees.

In the meantime, it was expected by the ISSF that in 2021, global stainless steel consumption was going to recover with a V-shape as the pandemic closed to the end and the consumption volume was expected to increase by 3.28 million tons, an increase range closing to 8%.

It is understood that the International Stainless Steel Forum is a non-profit research organization involving all aspects of the stainless steel industry. Founded in 1996, member companies account for 80% of the world’s stainless steel output.

This news comes from:”China Metallurgical News” (June 25, 2020, 05 edition, five editions)