CRU estimates that Chinese stainless steel production increased by 22% y/y reaching 5.6m tonnes during the second quarter. High output in May and June were driven by rising demand as nickel prices increased and mills flooded the domestic market with supply. However, stainless producers are expected to pull back production to 5.5m tonnes in Q3, representing a 10% y/y increase. In addition, steel mills are going ahead with scheduled shutdowns in July and August that will modestly affect production levels.
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