China increased stainless steel production by 12.6% y/y in 2023

During the year, Chinese steelmakers produced 36 million tons of stainless steel

China increased its stainless steel production by 12.6% in 2023 compared to 2022 – to 36 million tons. This is evidenced by the data of the Stainless Steel Council of the China Specialty Steel Council (CSSC), SteelOrbis reports.

Exports of stainless steel from China in 2023 are estimated at 4.14 million tons, while in 2022 the figure was 4.55 million tons. Steel imports to China amounted to 2.07 million tons, while in 2022 it was 3.28 million tons.

China’s annual stainless steel production capacity reaches 50 million tons, and the capacity utilization rate is about 70%. In 2024, about 13 million tons of capacity will be commissioned.

CSSC notes that the amount of excess capacity in stainless steel production may be higher in the future than in carbon steel production.

As GMK Center reported earlier, in 2022, global stainless steel production fell by 5.2% compared to 2021 – to 55.3 million tons. In 2022, global stainless steel production was expected to grow by 4% y/y – to 58.6 million tons.

According to the MEPS forecast, global stainless steel production will grow to 60 million tons by 2023. Stainless steel producers in China and Indonesia will make a significant contribution to the growth.

In January-September 2023, stainless steel production increased by 2.5% compared to the same period in 2022 – to 42.6 million tons.