The output of stainless steel has increased since November as the power rationing has been eased. However, downstream producers’ consumption thinned, suppressing stainless steel prices. Stainless steel mills suffered losses as prices of raw material like ferrochrome and NPI were at high levels, in spite of correction. Especially, #200-series stainless steel prices have declined 2,900 yuan/mt or 22.3% since early November.

Typhoon "Fireworks" landed strongly in Jiangsu and Zhejiang, and Zhejiang was first hit by storms.

Stainless steel output continued to increase in July, hitting a new year high.

Stainless steel consumption has improved significantly month-on-month in July, but remained weaker than the same period last year. Inventories extended declines, suggesting robust sales in major markets, but remained higher compared to July 2019, according to the recent SMM survey.

Yunnan Tin Group, China’s largest tin producer, said late Tuesday that it would suspend production for maintenance at its smelter from June 24.

JFE, Japan’s second biggest steelmaker, said on Friday that it will close a blast furnace and other facilities at the East Japan Works (Keihin) to optimise its domestic operations. Those facilities are expected to be shut down by FY2023 (ending March 2024), bringing the company’s operating blast furnaces in Japan to seven and reducing its crude steel capacity by around 4 million mt or 13%.

China’s imports and exports of stainless steel declined sharply in the first two months of 2020, due to the outbreak of the COVID-19 pandemic in the country. About 149,060 mt of stainless steel was imported to China in the January-February period, down 38.56% from the same period last year, while exports dropped 11.92% to 442,180 mt.

According to a statement by Jiangsu’s ecology and environment department released on February 27, the project, located in Jianhu Shanggang Industrial Park, will be developed in two stages.

China produced 29.4 million mt of crude stainless steel in 2019, up 10.08% from 2018, according to data from the Stainless Steel Council of China Special Steel Enterprises Association.

Industrial activity levels outside of central China continues to improve as workers return from quarantine periods and logistics pressures eased.