China’s stainless steel market – investing in innovative technologies
Despite the challenges imposed by the COVID-19 pandemic, China’s crude stainless steel industry still has huge market potential for expansion.
At this time, China is the top producing country of crude stainless steel in the world, accounting for more than half of the global market.
Nonetheless, stainless still production still lacks innovation in terms of core technologies. In 2019, China’s production of stainless still accounted only 2.95 percent of the country’s total crude steel output.
Chief representative of the Beijing office of the World Steel Association, Zhong Shaoliang, noted the market’s need in investments and further development of innovative technologies, whilst pointing out the obvious market potential that should be exploited.