Search results for Crude Steel production

In August 2025, crude steel production for the 70 countries and regions reporting to the World Steel Association reached 145.3 million metric tons, up 0.3% YoY. Top Ten Countries in Crude Steel Production Aug 2025 (million metric tons) YoY (%) Jan-Aug (million metric tons) YoY (%) China 77.4 -0.7 671.8 -2.8 India 14.1 13.2 108.9 10.2 US 7.2 3.2 54.6 1.6 Japan 6.6 -3.4 54.1 -4.5 Russia 5.5 e -4.6 46.1 -4.8 South Korea 5.2 -6.1 41.1 -3.5 Turkey 3.4 7.9 24.9 0.2 Germany 2.6 -10.5 22.4 -11.9 Brazil 2.9 -4.6 22.2 -1.5 Iran 1.6 17.9 19.8 -3.6 e – Estimate. Rankings are based on cumulative crude steel production for the year. Please note that this news is sourced from https://worldsteel.org/zh-hans/media/press-releases/2025/august-2025-crude-steel-production/ and translated by SMM.

According to statistics from the World Steel Association ( World Steel Association ) on 70 countries, global crude steel production in May was 158.8 million mt, a 3.8% YoY decrease. China, the world's largest crude steel producer, had a production of 86.6 million mt in May, a 6.9% decrease. Among other Asian countries, India's production was 13.5 million mt, a 9.7% increase. Japan's production was 6.8 million mt, a 4.7% decrease. South Korea's production was 5.1 million mt, a 1.7% decrease. Iran's production was 3.4 million mt, a 4.5% increase. Turkey's production was 3.1 million mt, a 2.8% decrease. The EU-27's production was 11.4 million mt, a 3.1% decrease. Among them, Germany's production was 3 million mt, a 6.4% decrease. Russia's production was 5.8 million mt, a 6.9% decrease. The US's production was 7 million mt, a 1.7% increase. Brazil's production was 2.7 million mt, a 5.0% increase.

According to the SMM survey, the impact from maintenance of construction steel increased this week (6.7-6.13). Last week, several steel mills began maintenance on their construction steel rolling lines, and this maintenance status continued this week. The impact from maintenance of construction steel reached 1.2795 million mt, up 49,600 mt WoW. Last week, rebar prices first declined and then rebounded, with spot prices dropping slightly. Meanwhile, the third round of coke price cuts was implemented, and raw material costs continued to decline, allowing most blast furnace steel mills to maintain a profit margin of around 100 yuan per mt. However, as south China entered the plum rain season and north China experienced persistent high temperatures, the construction progress at downstream sites was restricted, and the procurement pace slowed slightly. Market transactions were average, and steel mills' production enthusiasm was limited. In contrast, orders for billet, special steel, and plate and strip were good. At the same time, the profit margins for these products were slightly better than that of rebar. Steel mills diverted pig iron from construction steel production to other products. Some steel mills in east, north, and central China halted production on their construction steel rolling lines for maintenance. Meanwhile, the policy to reduce crude steel production was gradually implemented, with some steel mills in east China planning to halt blast furnaces and cut construction steel production, leading to an increase in the impact from maintenance of construction steel this week. Looking ahead, rebar inventory is currently at a low level compared to the same period in recent years, with limited room for further reduction. To meet the rigid market demand, steel mills are adjusting production volumes among different products, and the duration of production cuts for construction steel rolling lines is limited. According to the SMM survey, some steel mills in central and east China plan to resume production on their construction steel rolling lines this week and next week. It is expected that the impact from maintenance of construction steel will decrease next week.

According to the World Steel Association's statistics on 69 member countries, global crude steel production in April was 155.7 million mt, a 0.3% YoY decrease. China, the world's largest crude steel producer, had a production of 86 million mt in April, basically flat YoY. Among other Asian countries, India's production was 12.9 million mt, up 5.6% YoY. Japan's production was 6.6 million mt, down 6.4% YoY. South Korea's production was 5 million mt, down 2.5% YoY. Iran's production was 3.3 million mt, up 4.6% YoY. Turkey's production was 3 million mt, up 7.0% YoY. The total production of the 27 EU member states was 11.1 million mt, down 2.6% YoY. Among them, Germany's production was 3 million mt, down 10.1% YoY. Russia's production was 5.8 million mt, down 5.1% YoY. The US's production was 6.6 million mt, down 0.3% YoY. Brazil's production was 2.6 million mt, down 3.1% YoY.

★Macro★ 01  ★★★  PBOC Conducts CNY500 Billion MLF Operation on May 23 with a One-Year Tenor The People's Bank of China (PBOC) announced that, to maintain ample liquidity in the banking system, it would conduct a CNY500 billion Medium-term Lending Facility (MLF) operation on May 23, 2025 (Friday), with a one-year tenor, through fixed-quantity, interest-rate tendering, and multiple-price bidding. 02  ★★★  US Initial Jobless Claims Fall to 227,000 Last Week The number of Americans filing new claims for unemployment benefits fell to 227,000 last week, the lowest level since the week ending April 19. Economists had forecast 230,000 claims, compared with 229,000 in the prior week. 03  ★★★  Global Crude Steel Production Down 0.3% YoY in April 2025: World Steel Association Global crude steel production fell 0.3% YoY to 155.7 million mt in April 2025, according to data from the World Steel Association.   ★Industry and Downstream Sectors★ 01 SMM Inventories of Ten Ports According to an SMM survey, the total inventories at 10 ports tracked by SMM stood at 104.28 million mt on May 22, down 1.19 million mt WoW. Destocking was more pronounced for coarse fines and lump ore, while there was a slight inventory buildup for concentrate fines and pellets. 02 [SMM Weekly HRC Balance] Production Declines Again, HRC Inventory Drawdown Accelerates This Week This week, maintenance at some steel mills in north and east China affected production. HRC production declined slightly. According to SMM's statistics this week, the social inventory of HRC at 86 warehouses (large sample) nationwide was 3.1196 million mt, down 176,600 mt WoW (-5.36% WoW, -22.31% YoY). The nationwide social inventory continued to decline this week, with the rate of decline expanding. By region, destocking was more pronounced in the east and north China markets than in the south and central China markets, as well as in north-east China. 03 SMM Summary of Construction Steel Inventories Nationwide On May 22, SMM's nationwide total rebar inventory was 5.6865 million mt, down 141,900 mt WoW (-2.43% WoW, -21.16% YoY). The nationwide total wire rod inventory was 1.1285 million mt, down 125,000 mt WoW (-9.97% WoW, -31.07% YoY).  04 China's Cumulative Installed Power Generation Capacity Nears 3.5 Billion kW in First Four Months Statistics released by the National Energy Administration show that as of the end of April, China's cumulative installed power generation capacity reached 3.49 billion kW, up 15.9% YoY. Among them, the installed power generation capacity of solar energy was 990 million kW, up 47.7% YoY; the installed capacity of wind power was 540 million kW, up 18.2% YoY. From January to April this year, the investment completed in power supply projects by major power generation enterprises nationwide was 193.3 billion yuan, up 1.6% YoY; the investment completed in power grid projects was 140.8 billion yuan, up 14.6% YoY. 05 The number of land plots proposed to be acquired using special bonds announced by various regions approached 3,000 The pace of announcing the use of special bonds for land acquisition has significantly accelerated across regions. According to incomplete statistics from China Index Academy, as of May 20, the number of idle land plots proposed to be acquired using special bonds announced nationwide approached 3,000, with a total area exceeding 133 million m² and a total amount exceeding 350 billion yuan.   ★Other Hot Topics★ ⭕ UK's 30-year Treasury bond yield rose to its highest level since April 9, reaching 5.579%, up 6 basis points on the day. ⭕US Fed Governor Waller stated that if tariffs decrease, the US Fed is expected to cut interest rates in the second half of 2025. ⭕ [Han Zheng Attends and Delivers a Speech at the Opening Ceremony of the 2025 Global Trade and Investment Promotion Summit] Vice President Han Zheng attended and delivered a speech at the opening ceremony of the 2025 Global Trade and Investment Promotion Summit in Beijing. Han Zheng stated that President Xi Jinping has pointed out the need to actively promote the deep integration of the internet, big data, artificial intelligence, and the real economy, accelerate the development of new quality productive forces, and provide new momentum for high-quality development. Currently, a new round of technological revolution and industrial transformation is advancing, with the widespread application of new industries and technologies represented by the digital economy and artificial intelligence, which are changing the global trade and investment landscape and presenting significant development opportunities and broad prospects. As the era of digital intelligence accelerates, we must work together to actively promote global trade and investment transformation and foster common development. ⭕[Anhui Initiates Level IV Flood Control Emergency Response in Eight Cities] According to forecasts from Anhui province's meteorological department, from May 22 to 23, there will be heavy rain in Hefei, Lu'an, Wuhu, Xuancheng, Tongling, Chizhou, Anqing, Huangshan, and other cities, with torrential rain in some areas of Lu'an, Chizhou, Anqing, and Huangshan, accompanied by short-term heavy rainfall, thunderstorms, and gales. In accordance with the provisions of the "Anhui Provincial Flood Control and Drought Relief Emergency Plan," the provincial flood control headquarters decided to initiate a Level IV flood control emergency response in Hefei, Lu'an, Wuhu, Xuancheng, Tongling, Chizhou, Anqing, and Huangshan at 16:00 on May 22. ⭕[Jiangxi Initiates Flood Warning Response and Level IV Emergency Response for Major Meteorological Disasters] The Jiangxi Provincial Meteorological Service initiated a Level IV emergency response for major meteorological disasters in response to the heavy rainfall weather process. From the daytime of May 22 to 23, Jiangxi Province experienced a significant convective precipitation weather process from north to south. Heavy rainfall occurred in parts of the central and northern regions, with torrential rain in localized areas. Some regions were also accompanied by strong thunder and lightning, thunderstorm gales of level 8 to 10, and short-term heavy rainfall. The accumulated rainfall was 40 to 70 millimeters in northern and central-northern Jiangxi, exceeding 120 millimeters in localized areas; it was 10 to 30 millimeters in southern central Jiangxi and southern Jiangxi, with 40 millimeters in localized areas. At 10:00 on May 22, the Jiangxi Provincial Meteorological Observatory issued a blue alert for heavy rainfall. ⭕[AmCham China President: US Companies Will Continue to Invest in China] The 2025 Global Trade and Investment Promotion Summit was held in Beijing. Michael Hart, President of the American Chamber of Commerce in China (AmCham China), stated that China, as the world's second-largest economy, still has significant room for economic growth in the next decade and will continue to focus on innovation. US companies will continue to invest in China and participate in its economic growth and innovation. Regarding tariff issues, Hart mentioned that the new US administration's tariff policies have attracted global attention. However, the tariff war is like a "test of facts," proving that China is an important commodity market for the US and a crucial supply source for US goods. Maintaining supply chain resilience will benefit both countries. ⭕ [TISCO Group and Pingmei Shenma Group Sign Strategic Cooperation Agreement] On May 19, TISCO Group and Pingmei Shenma Group held a signing ceremony for a strategic cooperation agreement. Wu Xiaodi, Secretary of the Party Committee and Chairman of TISCO Group, Gao Feng, Member of the Party Committee Standing Committee and Deputy General Manager of TISCO Group, Li Yanhe, General Manager of Pingmei Shenma Group, and Wang Anle, Deputy General Manager of Pingmei Shenma Group, along with relevant department and unit leaders from both sides, attended the ceremony. ⭕ [Ansteel Group Mining Company Controls 8.8 Billion Tons of Iron Ore Resources] Recently, Ansteel Steel stated in an investor relations activity that, facing the severe situation of a weak and fluctuating decline in the steel market, the company has worked hard to expand the market, continuously adjusted product mix to enhance efficiency, tapped into internal potential, significantly improved its sales profit margin, substantially reduced losses across all units in the steel segment, and significantly enhanced production line efficiency and market competitiveness. By implementing the concept of "accounting-based operations" and through measures such as strengthening benchmarking and potential tapping, as well as improving operational efficiency, the company reduced the cost per ton of steel across the entire process by 102 yuan compared to the previous year, reduced the cost of externally purchased energy per ton of steel by 10%, and reduced the cost of pig iron by 12% compared to the previous year. On the procurement side, the company deepened cost-effective and collaborative procurement, continuously reducing the consumption cost of materials per ton of steel. In the first quarter of 2025, the company's net profit attributable to shareholders was -554 million yuan, a year-on-year increase of 66.55%. ⭕ [Shuohuang Railway Marks 25th Anniversary of Operation with Cumulative Freight Volume Exceeding 5.21 Billion Tons] As of May 18, the Shuohuang Railway marked its 25th anniversary of operation, having completed 50,469,820,000 mt of coal transportation and 1,626,740,000 mt of non-coal transportation, with a cumulative cargo transportation volume exceeding 5.21 billion tons, achieving 9,131 consecutive days of safe production and operation. ⭕ [Angang Lianzhong Obtains "Pass" to Japan's High-end Market] Recently, Angang Lianzhong successfully passed the JIS certification, marking the company's acquisition of the "pass" to Japan's high-end market and laying a solid foundation for further enhancing the international competitiveness of its products. ⭕ [Chongqing Iron & Steel Achieves Successful Trial Run of Full-Length Rolling Process for Heavy Plate Production Line] Recently, Chongqing Iron & Steel successfully completed the first trial run of the full-length rolling process for its heavy plate production line, achieving a one-time successful trial run of 30mm-thick sheets & plates! This represents a significant breakthrough for Chongqing Iron & Steel in the field of medium-thickness plate production technology, injecting strong momentum into the company's efforts to explore the high-end product market and enhance its core competitiveness! ⭕[Successful Commissioning of the Upgrade Project for the Electric Control System of the No. 3 Flying Shear at Nanchang Fangda High-speed Wire Rod Mill] Recently, the upgrade project for the electric control system of the No. 3 flying shear at Nanchang Fangda High-speed Wire Rod Mill, designed, supplied, and commissioned by Jingcheng Digital Technology Co., Ltd., was officially commissioned. Through independent technological innovation, the project successfully resolved technical challenges that had plagued the production line for over a decade, helping the enterprise achieve new breakthroughs in cost reduction and efficiency enhancement. ⭕ [Shagang's HRC Reheating Furnace Upgrade Project Starts Production] On May 17, the No. 2 reheating furnace of the HRC reheating furnace upgrade project for Workshop 1 at Shagang, implemented by WISDRI Southern (Hubei) Heavy Industries Engineering Co., Ltd. (WISDRI Southern Refractory & Thermal Engineering Co., Ltd.) on an EPC basis, was successfully ignited, marking the beginning of the furnace drying stage.

April 1, According to SMM data, domestic crude stainless steel production in March 2025 saw a significant increase, with total production up 19.02% MoM and a notable 12.67% YoY growth. By product series, the production of 200-series, 300-series, and 400-series stainless steel rose sharply by 14.64%, 19.89%, and 22.63% MoM, respectively. The market supply was ample in March. On one hand, the industry had high expectations for the traditional peak demand season of "Golden March and Silver April," which greatly stimulated the production enthusiasm of stainless steel producers. On the other hand, raw material prices remained high for a long time, solidifying the production costs of stainless steel. Under these dual effects, steel mills and spot merchants raised prices, attempting to pass on cost pressures downstream. However, the reality was that downstream demand in March fell far short of expectations, with new orders being scarce. Downstream enterprises only maintained essential restocking operations, unable to drive prices significantly higher. Even though stainless steel prices rose slightly in March, the overall shipment pace remained slow, and inventories stayed high, making the market's oversupply characteristics increasingly evident. Entering April, some stainless steel producers initiated equipment upgrades and maintenance due to environmental protection emission policy requirements, which affected production to some extent. However, as stainless steel prices continued to rise, the loss situation of enterprises was effectively alleviated, with some even achieving profitability, keeping production enthusiasm at a high level. Notably, as downstream inventories gradually deplete, the previously sluggish demand is expected to improve, and market demand may see growth opportunities in April. Overall, stainless steel production in April is expected to show a slight decline, down 0.61% MoM, but still maintaining an 11.87% YoY growth. By product series, 200-series production will see a slight increase of 3.17% MoM, while 300-series and 400-series production will decline by 1.89% and 1.98% MoM, respectively. SMM Analysis: In March 2025, domestic crude stainless steel production hit a new high. However, downstream market demand failed to interact well with the supply side, with new orders being scarce. Downstream enterprises only responded with essential restocking, leading to a lack of demand support for price increases, slow overall shipment speeds, and increasingly severe inventory accumulation. This indicates a prominent supply-demand imbalance in the stainless steel market in March. In April, environmental protection emission policies prompted some stainless steel producers to carry out equipment upgrades and maintenance, which to some extent suppressed production growth. Destocking and standing firm on quotes may be the themes of April.

On March 24, Masashi Imai, president of Nippon Steel Corporation, stated at a press conference that the Trump administration's tariff hikes on steel, aluminum, and automotive products could reduce Japan's domestic crude steel production by several million mt annually, potentially bringing the total production below 80 million mt. On March 12 local time, the Trump administration officially implemented a 25% tariff on all steel and aluminum imported into the US. That afternoon, Yoshimasa Hayashi, Japan's Chief Cabinet Secretary, expressed regret and dissatisfaction at a press conference over the US government's imposition of stricter tariffs on steel and aluminum without granting Japan a "tariff exemption." Hayashi emphasized that importing Japanese products is "indispensable" for enhancing the competitiveness of US manufacturing and that Japan has made a "significant contribution" to US industries and employment.

According to statistics from the World Steel Association for 69 member countries, global crude steel production in February was 144.7 million mt, down 3.4% YoY. China, the world's largest crude steel producer, produced 78.9 million mt in February, a decrease of 3.3%. Among other Asian countries, India's production was 12.7 million mt, up 6.3%. Japan's production was 6.4 million mt, down 8.5%. South Korea's production was 5.2 million mt, up 0.7%. Turkey's production was 2.9 million mt, down 5.6%. Iran's production was 1.7 million mt, down 21.8%. The 27 EU countries produced 10.1 million mt, down 7.1%. Among them, Germany's production was 2.7 million mt, down 13.5%. Russia's production was 5.8 million mt, down 3.4%. The US produced 6 million mt, down 7.0%. Brazil's production was 2.7 million mt, down 1.6%.

This week, the total rebar inventory nationwide continued to decrease slightly, with social inventory shifting from an increase to a decrease. The total rebar inventory declined by 0.74% WoW, while the total wire rod inventory fell by 2.05% WoW. During the week, construction steel market prices fluctuated downward, with low market trading activity. However, news of production cuts led to a slight rebound, driving speculative demand in the market. Meanwhile, end-use demand continued to recover, resulting in a slight decline in total construction steel inventory this week. This week, the total rebar inventory stood at 7.9754 million mt, down by 59,800 mt WoW, a decline of 0.74% (previous value: -0.45%). Compared to the same period last year on the lunar calendar, it decreased by 4.074 million mt, a YoY decline of 33.81% (previous value: -35.12%). Table 1: Overview of Rebar Inventory Source: SMM   This week, in-plant rebar inventory was 2.2736 million mt, down by 34,600 mt WoW, a decline of 1.5% WoW (previous value: -2.21%). Compared to the same period last year on the lunar calendar, it decreased by 1.5504 million mt, a YoY decline of 40.54% (previous value: -41.18%). Direct supply from steel mills remained relatively stable. However, spot prices weakened during the week, leading to reduced restocking by agents, while production increased slightly. As a result, the decline in in-plant inventory narrowed compared to last week. Chart-1: Rebar In-Plant Inventory Trends, 2019-2024 Source: SMM   This week, social rebar inventory was 5.7017 million mt, down by 25,200 mt WoW, a decline of 0.44% WoW (previous value: +0.28%). Compared to the same period last year, it decreased by 2.5236 million mt, a YoY decline of 30.68% (previous value: -32.31%). With the accelerated recovery of demand in northern regions, market spot inventory shifted from an increase to a decrease, marking a turning point in social inventory this week. Chart-2: Rebar Social Inventory Trends, 2019-2024 Source: SMM Looking ahead, blast furnace steel mills currently maintain certain profitability, and some blast furnaces in north-west China are scheduled to resume production mid-month after maintenance. The capacity utilisation rate of EAF steel mills has recovered to 40.6%, but their operating rate remains constrained by profitability, making further increases difficult. Construction steel production is expected to increase slightly. On the demand side, with the accelerated recovery in northern regions, demand intensity continues to improve. Although the Two Sessions did not bring substantial benefits, coal mine production cuts and steel production controls are boosting market sentiment. Meanwhile, supply growth remains limited. Construction steel inventory is expected to continue destocking next week, with a larger destocking margin.

Iron ore futures fluctuated upward in the morning but plunged significantly in the afternoon. The most-traded I2505 contract finally closed at 769.5 yuan/mt, down 0.32% for the day. Traders showed less enthusiasm for selling; steel mills remained cautious with moderate purchase willingness; and the market transaction atmosphere was sluggish. In Shandong, the mainstream transaction prices of PB fines were around 770-773 yuan/mt, down 2-3 yuan/mt from yesterday. In Tangshan, PB fines were traded at 775-778 yuan/mt, also down 2-3 yuan/mt from yesterday. According to the SMM survey, as of March 12, the operating rate of blast furnaces at 242 steel mills surveyed by SMM was 86.61%, up 0.28 percentage points WoW. The capacity utilisation rate of blast furnaces was 87.76%, up 0.15 percentage points WoW. The daily average pig iron production of the sampled steel mills was 2.3719 million mt, up 7,900 mt WoW. Moreover, pig iron production is expected to increase further next week. Ore prices were supported and fluctuated upward. However, in the afternoon, news of crude steel production cuts resurfaced, causing iron ore prices to weaken. In the short term, such news continues to weigh on ore prices, increasing resistance to upward movement, and iron ore prices may fluctuate at low levels in the near term. 》View SMM Steel Product Prices, Data, and Market Analysis 》Subscribe to Access SMM Historical Spot Metal Prices  

Check SMM Steel Product Prices, Data, and Market Analysis Subscribe to View SMM Metal Spot Historical Prices Today, the iron ore futures first strengthened then weakened, fluctuating downward throughout the day. The most-traded contract I2505 closed at 773, with a daily decline of 0.45%. Traders showed low enthusiasm for selling; steel mills purchased as needed; market transaction atmosphere was average. In Shandong, the mainstream transaction prices of PB fines were around 775-778 yuan/mt, an increase of 0-3 yuan/mt from yesterday; in Tangshan, the transaction price of PB fines was around 785 yuan/mt, unchanged from yesterday. Inventories of the five major steel products turned from increasing to decreasing, and downstream demand continued to rebound. This is bullish for ferrous commodities. However, there are ongoing rumors about crude steel production cuts, even specifying several major producing provinces, which put pressure on ore prices, making them struggle to rebound. But the short-term actual impact is limited. Considering that after the end of the short-term meeting-driven environmental protection-driven production restrictions, pig iron production will see a sustained rise, providing strong support for ore prices. It is expected that ore prices may bottom out and rebound in the short term.

》View SMM Steel Product Prices, Data, and Market Analysis 》Subscribe to View SMM Historical Spot Metal Prices Today, Dalian iron ore futures saw a significant decline in the morning but partially recovered in the afternoon. The most-traded I2505 contract finally closed at 812, down 0.98% for the day. Traders showed moderate enthusiasm for selling; steel mills made small and frequent purchases; overall market transaction sentiment was average. In Shandong, mainstream transaction prices for PB fines were 805-810 yuan/mt, down 0-5 yuan/mt from yesterday; in Tangshan, PB fines transaction prices were around 820 yuan/mt, down 5 yuan/mt from yesterday's high. Today, the market once again circulated a "rumor" regarding crude steel production cuts. According to the information, crude steel production is expected to be reduced by 50 million mt in 2025, 20 million mt in 2026, and 10 million mt in 2027. This news provided a bullish impact on finished steel prices but was bearish for iron ore prices, leading to a sharp decline in iron ore futures prices. However, as market sentiment gradually calmed, futures prices partially recovered. From a fundamental perspective, today's SMM pig iron production slightly decreased by 5,500 mt, and it is expected to continue declining next week, weakening support for ore prices. Coupled with the earlier sentiment-driven impact, it is comprehensively judged that iron ore prices are likely to continue fluctuating downward tomorrow.

according to smm research, the total stainless steel production in china is expected to increase by 1.58% month-on-month in august 2024, while experiencing a year-on-year decline of 1.93%, resulting in a cumulative year-on-year growth of 3.87%. specifically, production of 200 series stainless steel decreased by 2.3% month-on-month, while 300 series production increased by 4.72%. meanwhile, 400 series stainless steel saw a month-on-month decline of 6.71%. in august, downstream purchasing remained steady due to regular demand. a major steel mill in south china had previously shifted its 300 series capacity to produce the 200 series, but this led to an exacerbation of the oversupply in the 200 series. consequently, prices fell, resulting in losses exceeding those in the 300 series, prompting the mill to revert capacity back to the 300 series. overall, 200 series capacity recovery occurred in august. additionally, some stainless steel maintenance in shandong and two regions in guangxi ended, allowing for the resumption of production in both the 200 and 300 series. with the traditional peak season approaching, many steel mills have plans to increase inventory and production, leading to a noticeable rise in 300 series output. although costs for raw materials like chromium and manganese in the 200 series have slightly decreased, the price drop for finished products has been more significant, compounded by a severe oversupply that has made it difficult for prices to rebound. as a result, 200 series stainless steel mills in south china have made minor price adjustments downward. notably, a new stainless steel capacity in inner mongolia, primarily focused on the 200 series, began producing steel coils in mid-august, currently primarily in a trial production phase. overall, there has been a clear increase in production as stainless steel mills recover capacity and prepare for september. in early september, expectations for a "golden september" fell short, causing a sharp decline in stainless steel futures and putting downward pressure on spot prices. additionally, a significant outflow of warehouse receipts further intensified the oversupply issue and suppressed new spot transactions. despite severe profit losses across all product lines, stainless steel mills have shown a reluctance to cut production in order to maintain operation levels and market share. some mills even plan to continue increasing production. it is anticipated that total stainless steel production in september will continue to rise, with a month-on-month increase of 1.35%. this includes a 1.28% increase in the 200 series, a 3.03% increase in the 300 series, and a 3.04% decline in the 400 series.

On April 16, 2024, the Guangdong-Hong Kong-Macao Greater Bay Area Ferrous Metal Industry Chain Forum took place in Lecong, Guangdong, drawing nearly 300 steel industry representatives from the region. Tiejun Luo, Vice President of the China Iron and Steel Industry Association, attended and addressed the forum, outlining the current state of the steel industry and the Association's recent initiatives in five key areas. 1. Control Production Pace: Emphasize profitability as the cornerstone of high-quality development. 2. Adjust Product Mix: Respond to market demands by adjusting product structures. 3. Encourage High-End Exports: Promote the export of high-quality Chinese steel to global markets. 4. Boost Iron Resource Output: Enhance the development of iron resources to support the steel industry robustly. 5. Research Futures Market: Focus on futures market research to leverage capital market support for steel enterprises.

In January 2024, global crude steel output of the 71 countries included in the statistics of the World Steel Association was 148.1 million mt, down 1.6% YoY.