In May 2026, China’s stainless steel industry shows an obvious structural divergence in production and market demand. Major domestic steel mills saw a slight month-on-month increase in 304 stainless steel production schedules. However, constrained by tight supply and high costs of core raw materials such as nickel and chromium, overall output growth remains limited, leaving little room for further capacity expansion. In contrast, high-end products including mirror-polished tubes, precision seamless tubes and nickel alloy tubes continue to witness full order books. Strong market demand has led to widespread longer delivery lead times.