300-Series Stainless Output Jumps 46.8% – But 316L Tells a Different Story

In March 2026, 43 domestic stainless steel mills produced approximately 3.796 million tons of crude steel, up 40.07% month-on-month and 8.08% year-on-year. The sharp rebound was mainly driven by accelerated post-holiday resumption of work.

Among this, 300-series production reached about 1.937 million tons, up 46.81% month-on-month – the most significant increase among all series.

Entering April, total domestic production is planned at approximately 3.7713 million tons, down 0.65% month-on-month but still up 7.67% year-on-year.

Notably, 300-series is expected to reach 1.9585 million tons in April, up 1.11% month-on-month. This indicates that while the broader market is becoming more rational, supply of high-end stainless steel continues to expand.

Tsingshan raised its core long product prices in early April:

TISCO also raised April prices, with 300-series prices rising steadily. Its April high-carbon ferrochrome purchase price was set at RMB 8,195/50 mt, up RMB 150 month-on-month.

The much larger increase for 316L reflects stronger demand resilience for high-corrosion-resistant and nickel-alloyed grades.

• New energy sector: NEV production and sales are generally in line with expectations, but currently in a seasonal off-season, with new procurement mainly for just-in-time needs. High-nickel ternary materials remain an important technical route for mid-to-high-end NEVs.
• Chemical & equipment manufacturing: Nickel alloys have irreplaceable applications in areas like aerospace engine superalloys and chemical anti-corrosion equipment, with steady and healthy growth in demand for high-end alloys.
• Overall assessment: Downstream just-in-time demand is generally stable, but incremental demand remains insufficient. Terminal restocking during the traditional peak season is weaker than expected. Sector divergence is evident, with traditional segments showing weaker demand and emerging sectors showing relatively stronger demand.

• High-end categories such as 316L and nickel alloys typically have stronger price support than ordinary 304, with limited room for negotiation.
• If your application involves chemical processing, marine engineering, or new energy, prioritize securing supply for high-nickel grades.
• The gap between 304 and 316L pricing may widen further if Indonesian ore costs flow through unevenly across product grades.

This is Part 2 of a 3-part series on April 2026 nickel and stainless steel market insights. Part 1 covered Indonesia’s HPM nickel pricing rule. Part 3 covers China-Indonesia trade barriers, domestic policies, and price tables.

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