Stainless steel imports decreased by 30.76% in March, overseas demand increased sharply, and exports exceeded 450,000 tons in March [SMM analysis]
Imports: According to SMM statistics, China's cumulative stainless steel imports in March 2024 totaled 161,500 tons, a decrease of about 30.76% month-on-month and a year-on-year decrease of about 3.07%;The total amount of stainless steel imported from Indonesia in March was about 122,900 tons (excluding scrap stainless steel imports), an increase of about 35.81% year-on-year and a month-on-month decrease of about 38.47%;In terms of form, the import of stainless steel coils in March decreased significantly, a decrease of about 60,000 tons compared with the previous month, accounting for only 55% of the coil imports in February On the one hand, the domestic stainless steel market in March was relatively weak, the total import volume decreased in March, and the total amount of stainless steel imported from Indonesia decreased by about 66,000 tons compared with the previous month, and all forms fell sharply, on the one hand, the domestic stainless steel market in March was relatively weak, and the total import volume decreased, while on the other hand, overseas demand recovered, Indonesian stainless steel production was maintained, and more stainless steel resources flowed to the rest of the country.
Exports: According to SMM statistics, China's total stainless steel exports in March 2024 were 458,900 tons, an increase of 42.62% month-on-month and 17.65% year-on-year, and stainless steel exports in March reached a level of more than 450,000 tons again after falling back in February, and the cumulative total import volume in the first quarter of 2024 was 1.2718 million tons, a year-on-year increase of 16.52% In terms of form, the export volume of coil increased significantly, an increase of about 113,000 tons from the previous month, an increase of about 5,700 tons in narrow belts, an increase of about 5,700 tons in profiles, an increase of about 9,000 tons in stainless steel products, and the export volume of various products has increased significantly, and in terms of countries, the overall demand of Asian countries has increased, of which India still maintains the first, but the proportion has decreased significantly compared with last year, and the largest increase in exports in March was Vietnam, with exports to Vietnam in March being 43,200 tons, an increase of 29,000 tons from February, followed by South Korea with an increase of 22,000 tons in February. Compared with last year's level, the demand in Europe and the United States remained at the same high level as in January and February, and exports to the United States increased by 7,700 tons, an increase of 45% In 2024, foreign demand will remain at a high level, partly due to the relatively serious losses of overseas stainless steel mills and the closure of overseas steel mills, so part of the demand is transferred to China.
Please do not hesitate to contact Jean at jeantang@smm.cn or 86-19946295759 if you have any question or inquiry.
