The top two stainless steel terminal consuming sectors in China are daily products with 23% and construction industry with 21%, respectively.
Following the easing of China's epidemic controls and the implementation of incentive policies for the domestic real estate market in the second half of last year, real estate companies were also supported in this direction. However, the pace of recovery of the real estate market was slower than expected, and the recovery of domestic demand for civilian-based stainless steel was expected to be limited, so it was thought that demand would gradually recover.
In addition, China's low-grade stainless steel resources market was under pressure from Indonesian resources. It was expected that in 2023, China's export market will mainly be stainless steel products and semi-finished products, and net stainless steel exports will decline further.
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