According to Bloomberg, researcher Heinz H. Pariser for Alloy Metals & Steel forecast, said stainless steel output will reduce 16 percent in 2009, causing nickel consumption to drop by 11 percent.
Last year, global stainless steel output was 26.2 million tons which is a 7.7 percent decline. This year, the global output is expected to be 22 million tons.
Stainless steel makers face the 3rd continuous year to cut down productions. 16 percent decline in output would be the biggest cut since 2001. The production peak was recorded 28.4 million tons in 2006.