In the first quarter of 2022, Chinese stainless steel output rebounded significantly. Following the Lunar New Year holidays and the Beijing Winter Olympics, supply chain players returned to the market in a positive attitude. Despite this, output is expected to fall in the second quarter. Many stainless steel-consuming enterprises were forced to close due to strict Covid-related lockdown measures in Shanghai, a key industrial base. Demand is waning, especially in the car industry, where sales slumped 31.6 percent year over year in April.
In the first three months of this year, India's melting activity was predicted to have reached 1.1 million tonnes. However, output in the next two quarters may be under stress. Sales to other countries are anticipated to be hampered by a newly imposed export tariff on numerous steel goods. As a result, domestic steelmakers may reduce output. Furthermore, low-cost imports from Indonesia are gaining market share in the United States. In 2022, supply from that country is expected to increase.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only