Posted on 25 Mar 2024
China imported a total of 455,500 tonnes of stainless steel over January-February, registering a marked rise of 34.9% compared to the first two months of last year, according to new statistics released by the country's General Administration of Customs (GACC).
Of the total imported stainless steel in the last two months, about 411,100 tonnes came from Indonesia, soaring by 62.4% from the same period last year, the GACC data showed.
Concurrently, China's stainless steel exports reached 675,400 tonnes in January-February, with a 9.3% increase from the corresponding period in 2023. Notably, exports in January rose to hit a 19-month high of 417,100 tonnes, logging an on-year increase of 14.3% and a leap of 24.3% compared with last December, according to the GACC data.
Behind the significant increase in China's stainless exports in January were the increased overseas demand and market expectations for rises in stainless prices after the Chinese New Year holiday, a Shanghai-based analyst pointed out, adding that the delayed mining approval of nickel ore in Indonesia had led to higher prices of raw material for stainless production.
Source:Mysteel Global
