Spot stainless steel prices continued to decreased in March, down about 1,600 yuan/mt m-o-m.
On the supply side, total stainless steel production in China decreased 5.58% compared to February, and its 300 series production decreased by about 7.69 percent m-o-m due to this month's production cuts from stainless steel mills. Production was high in February, pushing overall supply to a high in March.
On the demand side, supplier companies were cautious about restocking and focused on easing inventory pressures. Orders placed by terminal sectors decreased in March compared to the previous month. Overall stainless steel demand did not increase significantly, resulting in an oversupply in March.
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