Baosteel has decided to cut production of 200 series stainless steel before Mar’22 by more than 60%. The steelmaker’s stainless steel production capacity stands at 2.7 mn t. Given the lack of downstream demand and market confidence, the company has decided to form a healthy supply chain. China produced 30.14 mn t of crude stainless steel in 2020, up by 2.51% from 2019.
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