The stainless steel market slowed towards the end of 2014, as the macroeconomic environment deteriorated and stocks accumulated in the distribution sector. In the medium term, however, developments could benefit producers in mature markets. In particular, higher NPI costs will eat into Chinese mills’ cost advantage, while currency swings will make Chinese exports less attractive than recently.

Executive summary

Medium-term mature market fundamentals looking up 1

Global overview 17

1. Asia

      China Q4 apparent consumption falls 17

2. Western Europe

      Market slows end-2014, dragging down near-term forecasts 20

3. North America

      US stainless apparent consumption growth to slow in 2015 22

4. Rest of the world

      Turkey to drive recovery in apparent consumption in 2015 24

5. Patterns of end use

      Automotive sector to drive CR consumption 25

6. Metals consumption growth 26

7. Capacity update 27

8. Prices

      Rising nickel prices to lift transaction prices Europe 31

Appendix A

Industrial and economic outlook, 2014-2019 35

Statistical Review 61

冶金工业信息标准研究院