MEPS, a British steel consulting company, has raised its forecast for global stainless steel crude steel production growth in 2025, expecting a year-on-year increase of 11% to reach 56.5 million tons. China's stainless steel production is expected to increase to 31.9 million tons, with limited impact from industry production restrictions in the first half of the year and government measures to curb exports in response to production cuts in the second half of the year.

Despite the increasing global oil production, most markets are facing varying degrees of supply shortages. Due to the economic stimulus package and positive expectations after the pandemic, the global end-user consumption situation is good. Low inventory levels have exacerbated supply shortages. Therefore, in the medium term, prices may face sustained upward pressure.