- 400 series records strongest production growth
- Decent profits, firm overseas demand sustain output
China’s stainless steel output rose by 10% y-o-y in the first five months of 2025 (January-May), reaching 16.5 million tonnes (mnt) compared to 14.9 mnt in the same period last year, according to BigMint data. The growth was supported by a notable rise across all major stainless steel series, with the 400 variants recording the sharpest increase. In CY’24, China’s total stainless steel production stood at 39.4 mnt.
Production of the 200 series stood at 4.64 mnt, up 6% y-o-y from 4.37 mnt. The 300 series output reached 8.72 mnt, reflecting an 11% rise from 7.86 mnt a year ago. Meanwhile, the 400 series witnessed a significant 14% jump, with output at 3.12 mnt compared to 2.74 mnt in the corresponding period last year. The surge in the 400 series indicates strong demand and downstream consumption.
In March 2025, more than 50% of mills were said to be operating with positive margins, which supported steady utilisation rates across the stainless steel sector. The seasonal uplift during the traditional “Golden March, Silver April” window further bolstered output during the first half of the year. Additionally, overseas demand – particularly from Southeast Asia and the Middle East – remained firm, helping sustain production despite subdued domestic consumption, which continued to face pressure from ongoing weakness in the real estate sector.
Several producers also accelerated output ahead of scheduled mid-year maintenance, front-loading production in the first and second quarters. Market participants noted that output is expected to remain high through Q3, supported by increased infrastructure activity under government-led stimulus measures and competitive pricing in key export markets.
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