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Global steel industry impacting the economic condition

Global steel industries are the industry that manufactures steel furniture and items. Global steel industry comes with a mission to provide best and high-quality furniture range to the people.  The industries have been working since long from the starting as the manufacturer of the products. As the manufacturer and supplier of steel products, they manufacture products such as stainless steel items, chairs, dining table, tables, household items, and many such steel products to the people.

  • Steel is considered as one of the important and essential materials for building and infrastructure. Steel plays a significant role in the modern world. Steel is been used widely for innovative solutions in such other sectors. Around the world, steel is important in development projects.

Stainless steel also is known as inox steel from the French word inoxydable (inoxidizable). It is a steel alloy. Stainless steel having a maximum of 11% chromium and 1.2% carbon by mass. this steel is mostly known for its corrosion resistance.  The corrosion resistance of the steel increases with the increasing amount of chromium content. The steel having resistance to corrosion, low maintenance, staining these things makes the materials ideal for applications. These are required where the strength of steel and corrosion resistance is needed.  This steel is rolled into wires, sheets, plates, etc. usually used min cookware, surgical instruments, cutlery, etc. these are also used for construction such as in paper mills, water treatment, etc.

Stainless steel is being used in different fields. Some of the applications are:

  • Architecture
  • bridges
  • sculptures and monuments
  • airports
  • water
  • biomass and paper conversion
  • food and beverage
  • chemical processing
  • locomotion
  • medical equipment
  • culinary
  • jewellery
  • 3D printing

There are mainly four families in stainless steel which are:

Austenitic steels: these possess an austenitic microstructure. It is the largest family which is a cubic crystal structure.  The elongation of this steel is high and allows deformation in fabrication processes.  This steel is widely used for welding. These are non-magnetic and maintain their ductility at cryogenic temperatures. this type of steel can be hardened by heat treatment. These can be further divided into two groups. These are 200 and 300 series :

  • 200 series are chromium-manganese-nickel alloys.  200 series possess high strength than 300 series due to the addition of nitrogen. Corrosion resistance becomes weak when the amount of nickel content decreases and manganese increases.
  • 300 series are chromium-nickel alloys. It is the largest group of steel and widely used by the population.

Ferritic steels: ferritic steels possess a ferrite microstructure like carbon steel. It has a body-centred cubic crystal structure. The cost is not like the austenitic steel as it cost less due to the absence of nickel.  These are designed for oxidation resistance at elevated temperatures.

Martensitic steels:  martensitic steels cover a wide range of stainless engineering steels, creep resisting steels and stainless tool steels. They are further divided into four categories:

  • Fe-Cr-C grades: this grades were the first grades used in engineering and wear-resistant applications.
  • Fe-Cr-Ni-C grades: this grade of steel offers higher corrosion resistance and higher toughness. It has great casting properties  and great in welding.
  • Precipitation hardening grades: these grade is one of the best known grade for its strength and toughness. It is being used in aerospace.
  • creep-resisting grades:  creep resistance increases unto 650 degree celsius if small amount of Nb, V, B,Co is added.

Duplex steels: duplex steels is a mixed microstructure of austenite and ferrite. These are characterised by lower nickel contents, chromium, molybdenum.  As the duplex steels are mixed structure so it provides resistance to chloride stress corrosion  cracking.  Duplex steel is been used by pulp and paper industry for the first time.

Demand of the steel industry increases during the economic booms and during global recessions. This industry is known for it cyclical and reflective of market conditions.  Like the oil and gas industry the steel industry also went through a consolidation phase .  Towards the end of 2014, one of the major problem faced by the steel industry  when China over supplied steel and due to over production and the export market grew in china many other major producers halted their manufacturing. Due to the supply of china the steel price collapsed.  For the reason the steel industries losses many of their employees.

The oil and gas industry used steel  compared to other industries and these two industry were connected to each other and dependent. They use materials which are being produced by each other. During 2014, the fall in crude oil resulted in loss and has directly affect the industry .

Currently, china is the largest producer of steel and also largest consumer of the steel materials. over decade, they are manufacturing steel to a great  extend . China is constituting around 50% of the global steel production.  in the year 2015, china was the largest exporter of steel. And represent 24 percent approx globally. Steel is one of the most important and widely used flexible alloys for many requirements. Steel are widely used for various variants such as in automobile, infrastructure, transportation and utilities. Steel is one pf the most innovative and versatile materials that can be reused and recycled. The top five steel producing nations in 2016 were Russia, china, India, Japan,  and the United States.

It has been seen that the steel prices are increasing in recent times . A slow down in the Chinese economy. According to the world steel association report it has been seen that in July 2018, the global steel output increases by 5.8% and almost 13% in one year. Domestic steel producers are increasing their steel prices in the United States due to increasing input costs and depreciation in the rupee. China will export surplus steel and decrease international prices if the demand for steel drops whereas the demand for raw, materials will fall if the output falls. It can be stated that the biggest influencer of global steel and global stainless steel is China.

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Written by xtechtmt

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