Beijing Antaike Information estimated in early 2008 that Chinese domestic stainless crude steel output may reach 9 million tonnes in 2008, according to annual production plans in stainless steelworks in China. However, stainless steel market is out of expectation, so Antaike revised their forecast for stainless steel production in 2008.

Antaike said that several big sized steelworks such as Tisco, Baosteel, Zhangpu Steel and Jiuquan Steel cut down the production in May and June and the production has not resumed generally in July. According to the inspection in stainless steelworks in Wenzhou, the production condition in private stainless steelworks is also not satisfying.

Stainless steel producers with a capacity less than 30,000 tonne per year have basically been shut down. Fujian Wuhang Stainless Steel Co, which is the largest private stainless steel company in China, transferred over half of its capacity to produce plain carbon steel from this April.

Antaike revised Chinese domestic stainless crude steel output in 2008 from former 9 million tonnes to 8.1 million tonnes, up by 6.6% YoY.