2022 Taiwan Industrial Outlook-Metal Material

In 2021, Taiwan produced 23.23 million metric tons of crude steel, which accounted for 1.2% of global crude steel production and placed Taiwan 13th in the world, and its self-sufficiency rate was 83.7%. Of the total of crude steel, blast furnace crude steel accounts for 60.5% and electric furnace accounts for 39.5%. Out of the total crude steel production in 2021, 21.984 million metric tons was carbon crude steel, accounting for 95.4% of all steel types produced, while stainless and alloy steel only accounted for 4.6%. According to the World Steel Association's (WSA) data, issued in April 2022, the apparent annual global steel consumption in 2021 was 1.8337 billion tons, which translates to a 2.7% growth compared with 2020. The global economy is now rebounding from the novel coronavirus pandemic, with most developing areas such as Europe, North America, and Latin America posting double-digit growth. Steel demand growth is expected to blunt in 2022 due to the impact of the Russo-Ukrainian War, with only 0.4% growth and 1.8402 million metric tons.