Posted on 22 Nov 2024
China exported approximately 417,400 tonnes of stainless steel in October, with the volume higher by 24.1% than the same month last year, yet the on-year growth narrowed from September's 34%, according to data released by the General Administration of Customs (GACC) on November 20.
The October exports were lower by 9% than the previous month, Mysteel Global observed. This decline was mainly due to a 19.9% on-month drop in exports of hot-rolled (HR) stainless coil with a width over 600mm, which fell to 82,000 tonnes in October, GACC data showed.
Moreover, October marked the second consecutive monthly retreat in China's stainless steel exports from a two-year high recorded in August. A Shanghai-based analyst attributed the further drop to a seasonal demand lull in global markets, with traders and end-users scaling back their replenishment of stainless products.
Breakdown by export destination showed that stainless steel demand remained robust in Southeast Asia. Chinese exporters shipped 42,000 tonnes of stainless steel to Vietnam in October, up 38.2% from the previous month, and exports to Indonesia and Thailand also saw increases, both at some 17,000 tonnes, registering monthly gains of 20.2% and 40.9%, respectively.
In contrast, stainless exports to Taiwan and India in October shrank by 58.1% and 32.9% on month to 13,000 tonnes and 30,000 tonnes respectively, the GACC data showed.
China's total stainless steel exports over January-October were higher by 24.5% on year at 4.14 million tonnes, according to GACC statistics.
On the import side, China brought in around 158,300 tonnes of stainless steel in October, with cold-rolled coil (CRC) imports dominating the total. The CRC imports last month soared by 118.6% from September, GACC data revealed.
Imports from Indonesia accounted for 131,900 tonnes in October, up 43.9% from the previous month. However, this figure was still 47.4% lower than the same month last year, largely due to reduced production at mills operated by Chinese stainless steelmaker Xiamen Xiangyu Group. The group's crude stainless steel output plummeted by 56.9% on year to just 25,300 tonnes in October, according to Mysteel's survey.
For the first 10 months, China imported 1.61 million tonnes of stainless steel in total, down by 3.9% compared to the same period last year, GACC data showed.
Source:Mysteel Global
