Stainless steel production is expected to reach 24.4 million tonnes this year, representing a 6.8% rise on 2003 production.
The forecast found that Asia was now the largest stainless steel-producing area in the world. In 2004, Asian production is expected to grow by more than 7% to 11.4m tonnes.
But for 2005, growth could slow, according to the forum. The 2004 predictions included a certain and necessary stock build at stainless steel service centres and fabricators. This trend could reverse in 2005, however.