According to the latest data released by the Stainless Steel Branch of China Iron and Steel Association on April 29, the national stainless steel crude steel output in the first quarter of 2024 will reach 8.5952 million tons, an increase of 2.10% year-on-year compared with the data in the first quarter of 2023, showing the steady growth of China's stainless steel industry.

Among the subdivisions of stainless steel, the output of Cr-Ni series stainless steel is particularly interesting. According to the data, the output of Cr-Ni series stainless steel (commonly known as 300 series) was about 4.5165 million tons, an increase of 9.37% over the same period last year, and the market share was as high as 52.55%, an increase of 3.49 percentage points year-on-year. This growth was mainly driven by the increased demand for high-quality stainless steels in downstream applications, especially in high-end manufacturing and construction.

At the same time, production of Cr-Mn series stainless steels (often referred to as 200 series) has shown a downward trend. According to statistics, the output of Cr-Mn stainless steel in the first quarter of 2024 will be 2.3515 million tons, a year-on-year decrease of 9.27%, and the market share will also drop to 27.36%, a decrease of 3.43 percentage points from the same period last year. This may be related to the reduced demand for low-cost stainless steel in the market and the impact of environmental policies.

Yields of Cr-series stainless steels (often referred to as 400-series) have been relatively stable. According to the data, the output of this series of stainless steel was about 1.6332 million tons, a slight increase of 0.55% year-on-year, and the market share remained at about 19.00%, but it decreased slightly from the same period last year. This shows that the competitive position of Cr series stainless steel in the market is relatively stable, but the growth momentum is slightly insufficient.

It is also worth mentioning that the output of duplex stainless steel is also showing a rapid growth trend. According to statistics, the output of duplex stainless steel in the first quarter of 2024 will be 94,094 tons, a significant increase of 28.94% year-on-year. This is mainly due to the excellent corrosion resistance and mechanical properties of duplex stainless steel, which is more and more widely used in marine engineering, petrochemical and other fields.