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Stainless steel production in China increased in February

Stainless steel production in China increased by 24.57% month-on-month to reach 2.6 million metric tons in February. However, there was a 7.8% year-on-year decrease.

Stainless steel production in China increased in February

In the 200 series, 709,000 metric tons of production were recorded. There was a 3.2% increase on a monthly basis, but a 21.57% decrease on a yearly basis. For the 300 series, 1.3 million metric tons were produced. There was an 11.82% decrease month-on-month, but a 5.44% increase year-on-year. In the 400 series, 504,700 metric tons were produced. There was a 19% decrease on a monthly basis, but a 12% increase year-on-year.

During February, some stainless steel factories conducted maintenance work during the Chinese New Year holiday, leading to production interruptions in state-owned factories. However, increased prices and stable raw material prices allowed some integrated stainless steel factories to switch to 200 series production to boost profits. Additionally, maintenance work at steel factories was completed, resulting in a monthly increase of 22,000 metric tons in 200 series production.

On the other hand, due to the holiday effect, production of the main product, the 300 series stainless steel, decreased by 187,000 metric tons compared to January. Reductions in activities of domestic state-owned enterprises during the holiday period led to a decrease of 120,300 metric tons in 400 series production compared to the previous month.

Production activities in the stainless steel sector are expected to resume in March. A stainless steel facility in South China received positive orders in March, indicating a potential increase in production. Additionally, a weakening in nickel raw material prices is expected in the Philippines due to the end of the rainy season and the acceleration of quota approvals. This suggests that cost pressures could increase stainless steel production.

Domestic stainless steel production is expected to increase by approximately 24.57% month-on-month to reach around 3.2 million metric tons in March.

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SteelRadar Insight - Sayı 1 (Haziran 2024)

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