World Stainless Steel Production to Hit Record 30MT in 2007

International Stainless Steel Forum (ISSF) announced on Monday the world annual stainless steel production is estimated to become 29.8 million tonnes in 2007, which increases by 5.1% from previous year and exceeds the annual record in 2006.ISSF forecasts annual stainless steel production will decrease by 2.7% to 9.7 million tonnes in Western Europe and Africa and by 3.4% to 2.85 million tonnes in the USA while increase by 11.8% to 16.85 million tonnes in Asian area.Asian stainless steel production continued increasing in recent years, 11.9 million tonnes in 2004, 12.5 million tonnes in 2005 and 15.07 million tonnes in 2006. In 2006 the production increased in most Asian countries other than South Korea. In 2007 the production is estimated to increase in China and India while to keep flat or to decrease in the other Asian countries.As to the production decrease in Western Europe and Africa in 2007, ISSF forecasts stainless steel import from Asia would increase and inventory adjustment might occur in these markets.