The export of galvanized sheets reached a nearly four-year high in March [SMM analysis]

According to the latest customs data, China’s export volume of galvanized sheets in March 2024 was 1.2003 million tons, a month-on-month increase of 43.83%, and a year-on-year increase of 25.41%; the cumulative export volume from January to March 2024 was 2.964 million tons, a year-on-year increase of 19%. The export volume in March reached a nearly four-year high, a significant increase from February.

South Korea imported 157,100 tons of Chinese galvanized sheets in March, accounting for 13.09% of total galvanized sheet exports, ranking first; the Philippines imported 115,500 tons of Chinese galvanized sheets in March, accounting for 9.63% of galvanized sheet exports, ranking second; Thailand imported 109,700 tons of Chinese galvanized sheets in March, accounting for 9.15%, ranking third.

SMM believes that the reasons for the sharp month-on-month increase in galvanized sheet exports in March are as follows:

The RMB exchange rate fluctuated at a high level, and the depreciation of the RMB continued to stimulate the export of galvanized sheets

March was the peak season for galvanized sheet exports in the year, and domestic galvanized sheet manufacturers have basically resumed production. The increase in production days led to an increase in galvanized sheet export data.

In March, domestic ferrous metals prices fluctuated weakly, which suppressed the prices of domestic galvanized sheet products, and exports had certain price advantages

The demand from countries along the Belt and Road continues to grow, boosting export orders of galvanized sheets

Entering April, domestic ferrous metals prices continued to rise, and the price advantage has weakened. It is expected that galvanized sheet exports in April will unlikely increase significantly or may even decline.