Chinese stainless steel output shows a significant increase

Chinese stainless steel output shows a significant increase

China produced 1.2 million tons of stainless steel in 2002. According to forecasts, stainless steel production in China by the end of 2003 is expected to amount to 2 million tons. Furthermore, the production is forecasted to grow further in 2004 and reach 3 million ton levels. According to industry reports, Chinese stainless steel production will reach to 6 million tons in the coming years. The stainless steel production will show an upward trend as a result of increasing Chinese steel enterprises. In addition, primary steel products are expected to reach 21 million tons at the end of 2003 while the coil production will amount to 3 million tons. Currently, stainless steel consumption in China is 3 million tons per year.