Stainless Steel--Intensified inter-regional competition benefits Asian producers

摘要

World stainless steel production is slowing into the third quarter, matching market expectations for what is seasonally the weakest period of the year. Indeed, despite economic concerns over a double dip recession and a slowdown in Chinese economic growth, the estimated 11% quarter-on-quarter decline in global Q3 stainless output is not unusual for this time of year, and at 6.93m tonnes production remains a comfortable 9.4% above last year's quarterly average. Demand for melted output has weakened across all regions, yet key end-use sectors, such as automotive, continue to surprise on the upside, in turn generating confidence that the current slowdown in stainless consumption will be merely transitory.