How large is China's stainless steel plate capacity, and is overcapacity still a problem?

How large is China's stainless steel plate capacity, and is overcapacity still a problem?
China's stainless crude steel output has grown from 730,000 tonnes in 2001 to over 26 million tonnes, now exceeding half of global supply. Total stainless capacity sits near 40 million tonnes, yet utilization has hovered between 60% and 70%, only reaching 73.5% in 2019. Cold-rolled capacity alone is around 11.6 million tonnes and keeps expanding, with new additions in Shanxi, Fujian, Guangdong, Jiangsu, Zhejiang and Guangxi. Producers cluster around four regional hubs, and 200-series, 300-series and 400-series each have distinct cost leaders. The result: persistent oversupply and intensifying competition, even as demand grows.