Industry data on August 8th showed that stainless steel global output of the first quarter had risen 0.4% from a year earlier. Though China promised to lower the amount of overcapacity, Chinese mills still increased the production of stainless steel.
According to ISSF (International Stainless Steel Forum), the global stainless steel output of the first quarter had increased to 10.3 million tons, while Chinese output had grown by 3.8% to 5.2 million tons.
At the beginning of this year, China promised that the total production capacity will be reduced by 45 million and 1.4 billion by 2020, in order to deal with the overcapacity. But actually, stainless steel output from China has accounted for around half of the world.
As we all know, strong export of Chinese steel has stoked tensions of global trade. So, some countries gradually start to impose anti-dumping duties on Chinese steel products, including stainless steel products.
According to ISSF (International Stainless Steel Forum), stainless steel output of center and east Europe had increased by 0.7% and Asia area except China by 1.2%, while American output had decreased by 16.4%, west of Europe by 2.6%.