SunSirs: Analysis of Year-on-Year Stainless Steel Production Growth in the First Half of 2026

From January to June 2026, crude stainless steel production totaled 21.079 million tonnes, an increase of 1.415 million tonnes (7.19%) year-on-year. Specifically, production of Cr-Ni series stainless steel was 10.794 million tonnes (up 603,000 tonnes or 5.92%), accounting for a 51.21% share—a year-on-year decrease of 0.62 percentage points. Cr-Mn series stainless steel production stood at 6.100 million tonnes (up 539,000 tonnes or 9.69%), representing a 28.94% share—an increase of 0.66 percentage points. Cr series stainless steel production was 3.906 million tonnes (up 243,000 tonnes or 6.63%), with an 18.53% share—a decrease of 0.10 percentage points. Duplex stainless steel production amounted to 279,453 tonnes, an increase of 30,315 tonnes (12.17%) year-on-year.

Analysis and Commentary

Stainless Steel Plate

From January to June 2026, domestic crude stainless steel production rose by 7.19% year-on-year, with output increasing across all stainless steel grades. The significant rise in overall supply resulted in a relatively loose supply-demand balance, exerting downward pressure on spot prices for stainless steel plates; meanwhile, the futures market also trended bearishly due to supply-side pressure.

Nickel

Cr-Ni series stainless steel represents a key downstream consumption sector for nickel. Production of this type of stainless steel grew by 5.92% year-on-year in the first half of 2026, driving a marginal improvement in nickel demand and providing slight support for nickel prices.

Chromium

In the first half of 2026, the production of all categories of chromium-containing stainless steel increased year-on-year, with an overall growth rate of 7.19%. This drove steady growth in industrial chromium demand, providing slight support for chromium prices.

Manganese

In the first half of 2026, the production of Cr-Mn series stainless steel rose by 9.69% year-on-year. As manganese-based alloys are a core raw material for this type of stainless steel, demand for them increased accordingly, offering slight support for manganese prices.

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