2024 Stainless Steel Market Outlook: A Global Perspective

Stainless steel continues to be a crucial material for global industry and construction, with the International Stainless Steel Forum (ISSF) projecting a 3.6% increase in global consumption by 2024. Particularly, Vietnam holds significant potential for stainless steel production and export, positioning itself for a breakthrough in the upcoming year.

1. Global Stainless Steel Trends in 2024

The past few years have seen fluctuations in the steel market due to economic recession, inflation, geopolitical instability and supply chain disruptions. Despite these challenges, the World Steel Association anticipates a 1.7% growth in global steel demand in 2024, following a 2.3% recovery in 2023.

According to the Bureau of International Recycling (BIR), the global stainless steel market is set to experience significant growth in 2024, with various segments and regions showing promising trends:

• Global Stainless Steel Growth (2024): Expected to grow by up to 4%.
• Hot-Rolled Flat Stainless Steel: Anticipated consumption increase of 5.2% (leading growth segment).
• Cold-Rolled Stainless Steel: Projected to rise by 3.2%.
• Long Steel: Expected to see a 3.7% growth in consumption.
• Regional Consumption Growth:Asia (excluding China): Highest increase in consumption at 5.6%.EU & Africa: Expected growth follows Asia.China: Also projected to see growth but lower than Asia (excluding China)

2. Asian Stainless Steel Market Overview

According to recent analyses, stainless steel prices in Asia reached their lowest in August 2023 before beginning to recover in September. However, forecasting the future remains difficult due to ongoing challenges such as scrap shortages and broader macroeconomic concerns leading to production slowdowns. Notably, India's stainless steel consumption increased by nearly 10% in the most recent fiscal year, signaling positive growth in the region.

3. Stainless Steel Demand in Other Regions

Stainless steel demand is showing a positive trend in various regions, with significant growth expected in 2024:

United States:

• Economic recovery led by infrastructure and energy production.
• 2022: Demand declined by 2.6%.
• 2023: Grew by 1.3%.
• 2024: Expected to rise by 2.5%.
• Mid-2023: Over 267,000 tons of recycled stainless steel exported (78% increase from 2022).

Strong demand growth is also expected in industrial sectors across Mexico, India, Taiwan and the Middle East, pointing to an overall promising outlook for the global stainless steel industry.

4. Vietnam’s Growing Role in Stainless Steel

Vietnam is emerging as a prominent stainless steel producer in Asia and beyond. In 2023, the country made significant strides in modernizing its production capabilities, investing in advanced technologies like the Sendzimir rolling machine (1300mm) and equipment from notable suppliers such as Tenova and Danieli. Currently, Vietnamese stainless steel exports are reaching key global markets, including the US, Australia, India, Turkey and Europe, meeting rigorous international standards.

MRS Steel, with its extensive network of Vietnamese factories and market expertise, stands ready to connect global importers with high-quality, competitively priced stainless steel. For those looking to import quality Vietnamese steel, MRS Steel offers comprehensive support across sourcing and supply chain processes.