[SMM analysis] Export data of galvanized sheets from January to February 2024

According to the latest customs data, the export volume of galvanized sheets in January 2024 was 929,000 tons, and the export volume of galvanized sheets in February 2024 was 834,600 tons, a month-on-month decrease of 10.16% and up 6.83% year on year; the cumulative export volume of galvanized sheets from January to February 2024 was 1.7636 million tons, a cumulative increase of 15% from 1.5336 million tons in 2023. Export volumes in January and February were at the highest level in the recent three years.

South Korea imported 101,400 tons of Chinese galvanized sheets in January and 101,900 tons in February. The total exports of galvanized sheets from January to February accounted for 11.53% of China’s total exports, ranking first; the Philippines imported 116,100 tons of galvanized sheets from China in January and 53,900 tons in February. The total export share of galvanized sheets from January to February was 9.65%, ranking second; Thailand imported 60,600 tons of Chinese galvanized sheets in January, and in February 45,000 tons. The total exports of galvanized sheets from January to February accounted for 5.99%, ranking third.

SMM believes that the reasons for the better export volume of galvanized sheets from January to February are as follows:

• The Federal Reserve has yet to cut interest rates. The yuan depreciated relatively to the US dollar.
• Orders from countries along the Belt and Road have increased significantly, and the increased demand has led to an increase in exports.

In March, the operating rates of domestic galvanized sheet manufacturers increased month-on-month. Affected by seasonal factors and the current exchange rate, the export volume of galvanized sheets in March is expected to rebound from February.