Stainless steel production in China is increasing. From February to the end of March this year, the amount of production of this type of steel has increased to 8.6 million tons. This increase in production has been accompanied by a drop in the price of stainless steel products in the Chinese market.
Stainless steel production in China has increased during the first three months of 2024. According to the latest statistics released by the China Stainless Steel Society (CSSC), the country's stainless steel production reached 8.6 million tons in the first quarter of this year, representing a 2.1 percent year-on-year growth. has passed.
In the details of these statistics, it has been determined that the production of 300 series stainless steel in the months of January to March has been accompanied by a significant increase, and the ratio of the production of this stainless steel series to the total production of stainless steel in China has increased to 3.49%.
With the increase in the production of stainless steel in China, the consumption of this type of steel in the domestic market of this country has also increased. The China Stainless Steel Association has reported an increase in the consumption of various stainless steel series in the first quarter of this year, which reached 7.31 million tons, representing a growth of 2.9% over the same period last year. Is.
However, the inventory of Chinese factories is much higher than the demand, and the increase in supply has led to a decrease in the price of stainless steel in the Chinese domestic market from mid-February 2024. For example, the price of 1240mm x 2 stainless steel cold plate was traded at 13,450 yuan, equivalent to $1,857 per ton in late March, which represents a decrease of 300 yuan per ton from the end of December 2023 to March 2024.
Nevertheless, stainless steel export markets in China are in favorable conditions. According to the report of the China Stainless Steel Association, the amount of stainless steel exports in this country reached 1.06 million tons during the months of January to March, which represents an increase of 9.8 percent year-on-year.
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