According to the prediction of MEPS, the crude output of stainless steel in the world will reach 52.1 million tons in 2019, a record high. Compared with the record set last year, the number will increase by 3%. MEPs expects global production to continue to grow in 2020. A new peak of 54.2 million tons is expected next year.

China's output continues to grow substantially. It is estimated that in 2019, China's output will increase by more than 6% year-on-year to 28.3 million tons, accounting for more than 54% of the global total. It is expected that there will be another 5% growth next year.

This year, India's stainless steel production is expected to record a steady annual growth rate of more than 3%, reaching about 3.875 million tons. The rate of expansion is expected to be similar in 2020.

Although safeguard measures have been taken to prevent the increase of imports, local demand is weak and export opportunities are limited when entering the EU. As a result, crude stainless steel production in the region is expected to shrink by about 6% year-on-year to 6.95 million tons in 2019. Growth is expected to be minimal next year.

Domestic consumption in the United States has slowed down significantly. This year's crude stainless steel production is expected to decline by about 3% compared with that in 2018, to 2.725 million tons. Moderate growth of about 2% is expected in 2019.

The global overcapacity of stainless steel, the restriction of trade protectionism and the flat domestic demand are the reasons for the decline of domestic production of mature stainless steel in the Far East. South Korea's production is expected to fall by about 4% this year, while Japan and Taiwan are expected to record year-on-year cuts of about 10% in 2019. All of these countries are expected to have a moderate recovery next year.