In the first half of 2024, the Chinese domestic stainless steel market did not perform satisfactorily, but it gained opportunities in the export market. The export volume in May even hit a new high since July 2022. European stainless steel mills have seen a significant decline in supply due to strikes. Coupled with the maintenance of production facilities at South Korean POSCO Steel, supply from Japan and India has also dropped. Therefore, export demand for Chinese mills has improved.

On the other hand, the economy in Southeast Asia is recovering steadily, investment in construction and infrastructure continues to expand, and the demand for stainless steel is also heating up. From January to May this year, China's stainless steel exports to Southeast Asia were approximately 416,000 tons, a year-on-year increase of 37.9%. Among them, the Vietnamese market has the most obvious increase.