In April 2024, demand for stainless steel from China's four major home appliances grew at a slower pace but remained positive. Projections indicate a gradual weakening of demand in May and June, though overall levels are expected to stay above the historical five-year average. Despite the reduced impact on market prices, there remains foundational support.

The home appliance industry, representing nearly 20% of the demand for stainless steel, significantly influences market trends. April saw the demand for stainless steel raw material for these appliances reach about 258,000 tons, a 3.32% increase from March, driven by China's appliance trade-in policies.

Although the peak consumption season's effect diminished, April's demand continued to alleviate supply pressures, with the spot market improving intermittently. In May, the industry may experience a dual impact from supportive domestic policies and the traditional off-season, with an estimated demand of 241,000 tons.

In terms of the outlook, June's off-season could further weaken demand, projected at 240,000 tons. However, it is expected to remain above the five-year average, providing market stability. While seasonal home appliance demand persists, stainless steel supply pressures and geopolitical factors will influence market adjustments.