With the beginning of the new EU quota period between July 1 and September 30, over 60 percent of the import quotas for some steel products have been used up as of July 4, especially by China. It appears some of the product quotas allocated to China will be exhausted when the tonnages waiting at ports are given customs clearance.

In May this year,China imported 141,700 mt of stainless steel products, up 16.09 percent month on month, while declining by 38.35 percent year on year, as announced by Stainless Steel Council of China Iron and Steel Association(CISA).

The market for stainless steel has grown significantly over the last few years due to increased demand from industries such as construction and automotive manufacturing--the latter uses stainless steel for making car bodies because it's stronger than aluminum or plastic but lighter than iron or carbon fiber-reinforced plastics (CFRP).

According to several market research reports, the global stainless steel market has seen steady growth in recent years and is expected to continue growing in the coming years.

In recent years, stainless steel has become a popular material for use in a variety of industries, from construction to kitchenware. Thanks to its durability, corrosion resistance, and sleek appearance, stainless steel is now a staple material in many households and businesses around the world.

According to Mysteel research, February 2023 domestic new caliber domestic 41 stainless steel plants (including the new steel plant TISCO Xinhai) crude steel row production of 2.968 million tons, a 21.8% month-on-month increase.

Dalian iron ore futures hit a fresh six-month high on Thursday, while the Singapore benchmark price for the steelmaking ingredient climbed above $110 a tonne, propelled by brightening demand prospects in top steel producer China.