February 28th, according to SMM data, China's total stainless steel production in February 2025 increased by 0.1% MoM and 15% YoY. Among them, 200-series production decreased by 5.9% MoM, while 300-series and 400-series increased by 1.2% and 6.5% MoM, respectively.
In February, upstream supply of stainless steel remained high, but market supply and demand remained weak. Some steel mills resumed production after the Chinese New Year, but overall supply was limited. In mid-to-late March, with the gradual recovery of downstream operating rates after the Chinese New Year, market demand is expected to rebound rapidly.
In February after the Chinese New Year, the market recovered slowly, with overall weak downstream operating rates and order volumes, leading to inventory buildup of stainless steel. 200-series production declined due to persistently high prices of raw materials such as high-silicon SiMn alloy and EMM, as well as the slow recovery of downstream markets like construction. For the 300-series, despite strong NPI prices, finished product prices remained stagnant due to weak demand and high inventory. Large steel mills with integrated cost advantages and sufficient funds were still able to maintain high operating rates. Domestic small and medium-sized non-integrated stainless steel mills generally saw slight changes in operating rates. Overall, 300-series production remained stable with a slight increase. Operating rates of 400-series steel mills varied across regions.
Looking ahead to March, upstream supply of stainless steel is expected to remain high, with market supply and demand gradually easing. Prices of raw materials such as NPI, high-carbon ferrochrome, and stainless steel scrap are expected to remain firm. Overall, 200-series, 300-series, and 400-series production are expected to increase by 12.3%, 14.4%, and 16.1% MoM, respectively.
For any inquiries, please contact Chaoxing Yang at 13585549799 (WeChat ID same as phone number).
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