According to statistics from the Stainless Steel Branch of China Special Steel Enterprises Association, China’s crude stainless steel production was estimated to be 36 million tons in 2023, rising by 12.6% compared to the previous year. The increment indicated the oversupply problem still exists in China.

China’s yearly production capacity of stainless steel is 50 million tons, and the capacity utilization rate is approximately 70%. The capacity that will be put into operation this year is about 7 million tons, and another 6 million tons of the capacity is scheduled for the year.