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BRUSSELS (Scrap Monster): The global stainless steel industry will continue to grow as it has in previous years, said International Stainless Steel Forum (ISSF) in a briefing.

"In 2012 we are looking at much better things than people are thinking. 2012 will be a growth year in the trend of the last years," ISSF added.

According to ISSF, global stainless steel production grew by an estimated 4.5% to 32.5 million mt in 2011. The market grew by an average of 6%/year between 2000 and 2010. This industry is a growth industry.

China accounted for a large proportion of this growth and that most of the growth has come from increased production of 200 and 400 series material.

ISSF expects production of 200 series to fall off and 400 series to become the major growth area.

According to ISSF, Raw material price volatility continues to trouble the market with costs squeezing producer margins. Overcapacity has also been a hindrance to the industry. Producers have dealt with these issues by cutting costs and improving productivity, and where necessary closing mills.

In Asia, the use of nickel pig iron has seen producers become more cost-effective when nickel prices increase above the $20,000-21,000/mt level. In Europe, producers have looked to produce more higher value-added products and specialist stainless steel grades. India would be the next major growth area for stainless steel production, ISSF continued.

However, the major feature for future growth of the stainless steel industry in general was its sustainability. The most important thing is sustainability. Stainless steel is growing because it is a sustainable material. Over 80% of stainless steel production is from recycled material. In sustainability, stainless steels are unmatched compared to other materials, ISSF concluded.