According to statistics, China’s stainless steel production totaled around 2.7 million tons in June this year, falling by 6.1% compared to the previous month and by 3.6% from the same month a year ago.
In spite of the easing supply shortages of nickel in July and better cost efficiency of raw materials, some of China’s steel mills are still under huge cost pressure due to previously procurement at higher prices.
It was understood that some steel mills are likely to further cut their production this month due to falling prices and weak demand. However, the cut might not be very big on improved profit margins.
China’s stainless steel production was expected to have a year-on-year decrease of nearly 12% in July.
Post time: Jul-21-2022