In July, China's stainless steel imports continued to decrease by 9.35%, while exports simultaneously fell by 8.6%.

Import side: According to SMM statistics, in July 2024, China's stainless steel imports amounted to 125,200 mt, down 9.35% MoM, up 1.35% YoY. In June, the total stainless steel imports from Indonesia were about 71,000 mt (excluding stainless steel scrap imports), down 33.88% YoY, down 34.30% MoM. By form, July imports of plates, coils, and narrow strips saw a significant decline, decreasing by about 28,000 mt compared to June, down 33.37% MoM. The main reason was the maintenance shutdown of Indonesia's Yongwang, which led to a sharp drop in the return of plates and coils to the domestic market. However, with Yongwang resuming production in August and the profitability of Indonesia's NPI stainless steel production lines returning, imports are expected to increase in August.

In terms of exports: According to SMM statistics, in July 2024, China's total stainless steel exports were 509,300 mt, down 8.6% MoM. Although there was a certain degree of decline in July, the total still remained above 500,000 mt, with a YoY increase of 29.59%. The cumulative export volume increased by 26.51% YoY. By form, all product forms saw a noticeable decrease, with plates, coils, narrow strips, and extrusions down 8%-10% MoM, and pipes down 13.98%, the largest decline. The finished products market was relatively stable, with a decrease of only 5.75%. The main reason was that overseas stainless steel plants, such as the four major steel mills in Europe, began to resume production, reducing their dependence on Chinese stainless steel. Additionally, it was the summer break in Europe, leading to lower operating rates of downstream enterprises and a decline in overall stainless steel demand. Furthermore, current anti-dumping policies on overseas stainless steel are more stringent for less processed products like plates and coils, while relatively lenient for finished products. By country, the most significant reduction in July was in the Asian region, with the largest decrease in exports to India, down about 11,600 mt, a 23% decline MoM. Other Asian countries, such as Japan, saw a decrease of about 3,400 mt, down 25% MoM. Exports to Thailand and Pakistan fell by 22% and 34%, respectively. Exports to Europe decreased by 19% MoM, and to the US by 8%. Overall, anti-dumping policies have had a direct impact on China's overseas stainless steel trade. The current reduction is mainly due to the traditional industry off-season brought by the high-temperature season. After the off-season ends, the impact of anti-dumping policies will still exist, and stainless steel exports are expected to continue to decline in August.