Results from the first few months of this year indicate that stainless steel production in 2004 will reach another peak level. We maintain our previous forecast for Western World output at 21.2 million tonnes. This represents a year on year increase of 4.4 percent. Global supply, including the former command economies of China and Russia, is expected to reach 22.6 million tonnes - up by 6.1 percent compared to 2003. The main driver for this higher demand continues to be growing consumption in China. This has given a boost to many producers in the industrialised and emerging countries - particularly in Asia but also in many other regions, including Europe, Africa and South America.
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