In Q1 2025, domestic crude stainless steel production decreased by 2.8% compared to Q4 2024, but increased by 10.6% compared to Q1 2024, with ample supply. Due to cost support, stainless steel prices rose.

In March 2025, the domestic stainless steel market was well-supplied, with crude steel production reaching a record high. Driven by the anticipated peak demand season of "Golden March and Silver April" and high raw material prices, producers actively increased production, and both steel mills and spot merchants raised prices. However, downstream demand fell short of expectations, with few new orders, and only maintained essential restocking, leading to slow shipments, high inventory, and an oversupply in the market. In April, some companies carried out equipment renovation and maintenance due to environmental protection policies, affecting production.

According to an SMM survey, China's crude stainless steel production in July 2024 was approximately 3.1838 million mt, down 1.44% MoM and 2.13% YoY.…

In June, China's copper cathode production was 1.005 million mt, down 3,600 mt MoM, a decrease of 0.36% MoM but up 9.49% YoY, and 20,000 mt higher than the expected 985,000 mt.

According to the SMM survey, China's stainless steel production in June was approximately 3.2302 million mt, down 1.17% MoM but up 5.17% YoY.

Since May, SS contract has shown an overall upward trend, reaching a new high of 14,955 yuan/mt on May 30, the highest since October 17, 2023, with an increase of 1.99% MoM.