Global noble steel alloys strategic planning outlook - Q1 2023
Noble alloys witnessed recent price spikes in the first quarter of 2023, driven mainly by tight market supply, China’s reopening and renewed buying interest from China. Crude steel and crude stainless steel production growth is expected to accelerate in 2023, which will support noble alloys demand in 2023 and 2024. The global crude steel production is expected to increase at a CAGR 0.5% between 2023 and 2050. Crude steel production growth is expected to shift from China to the rest of the world as Chinese production is expected to decline going forward. Consumption of noble alloys is forecast to grow more quickly than crude steel production, thanks to rising intensities of noble alloys within steel.