The global stainless steel industry recorded mild growth in 2025 amid shifting supply chains and policy pressure. Weak manufacturing recovery and rising protectionism continued to influence market behaviour. Asia further strengthened its role as the world’s leading production hub.

Southeast Asia emerged as the primary source of incremental growth during the year. Carbon neutrality policies accelerated market fragmentation across regions. Industry competition increasingly focused on efficiency and green transition rather than scale expansion.

According to SMM data, global crude stainless steel production reached nearly 63.26 million tonnes in 2025. Asia accounted for around 86 per cent of total output. The global supply centre moved further east as a result. India stood out as a key growth driver during the year. Strong infrastructure spending supported domestic stainless steel consumption. Non-tariff measures, including BIS certification, reduced reliance on imports. Domestic producers gradually replaced overseas supply.

Indonesia continued expanding at close to 6.2 per cent growth. Low raw material costs and integrated RKEF operations supported output expansion. The country strengthened its dominance in low-cost slabs and hot-rolled coils. India and Indonesia together powered Asia’s stainless steel growth. Global trade flows adjusted quickly around this shift. Asia reinforced its strategic importance in the global stainless steel market.

Western stainless steel producers faced sustained pressure throughout the year. High energy costs, rising labour expenses and strict environmental regulations strained operations. Many plants operated at low utilisation or entered extended shutdowns. Western governments introduced fresh trade barriers to protect domestic industries. These included higher tariffs, anti-dumping actions and early CBAM deployment. Local stainless steel prices moved well above global benchmarks.

Raw material costs remained volatile during the year. Inconsistent RKAB approvals in Indonesia disrupted ferronickel supply. Ferronickel prices rose sharply in intermittent spikes. Global dependence on South African chrome ore persisted. Logistics constraints and power costs pushed ferrochrome prices higher. Raw materials continued to provide cost support for stainless steel pricing.

Demand patterns diverged sharply across regions. High inflation and energy prices weakened appliance and durable goods demand in Western markets. European distributors increasingly followed hand-to-mouth purchasing strategies. Mill order visibility dropped to historic lows. Producers raised alloy surcharges, while base prices remained under pressure. Low-priced Asian imports intensified competition despite existing safeguards.

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