The Chinese market for stainless steel shows resilience and is brimming with opportunities, despite the disruption that COVID-19 has brought to the global stainless steel industry, according to industry insiders.
As the world’s largest stainless steel producer and consumer, China saw its output rise 1.64 percent year-on-year to over 30.6 million tons in 2021, and the apparent consumption ticked up 1.92 percent year-on-year to about 26.1 million tons, according to participants at the first International Conference on Innovation and Development of Stainless-steel Industry.
In recent years, China’s self-developed stainless steel products have been widely used in many fields, especially the chemical, auto, aerospace and medical industries, playing a crucial role in stabilizing the industrial and supply chains of China’s steel industry.
There is considerable space for upgrading China’s stainless steel industry, as the world enhances environmental protection and downstream market standards continue to improve, China’s stainless steel industry needs to increase investment in innovation in terms of production technology and application, speed up green transformation, and continue to expand its global market share.
