SHANGHAI, Jul 31 (SMM) – China's net exports of stainless steel in June expanded 23% on the year, to stand at 236,100 mt, as domestic imports shrank faster than exports, the latest customs data showed.
This buoyed net exports in the first half of this year by 1% from a year ago to 1.08 million mt, with the growth capped by a greater market share of Indonesian products.
Customs data showed that domestic imports in January-June stood 44% lower from the same period last year, as fewer Indonesian materials entered China.
In June, imports of stainless steel slid 32% from a month ago to 47,600 mt, with imports of plate/sheet coils rising 1% and pipe products falling 32%.
Some 291,300 mt Indonesian stainless steel entered China in January-June, down 60.96% year on year. The decline expanded from a year-over-year drop of 55% in January-May.
Imports are expected to fall further as China's Ministry of Commerce on July 23 imposed anti-dumping tariffs of 18.1% to 103.1% on stainless steel billets and hot-rolled stainless steel plates from the European Union, Japan, South Korea and Indonesia.
China’s move, however, had little impact on stainless steel production in Indonesia, as Indonesia stepped up exports to other countries.
Separately, domestic exports of stainless steel stood at 283,700 mt in June, down 11% from May and down 21% from June 2018. Exports in January-June decreased 31% year on year, and came in at 1.7 million mt.
Exports of steel coil sheet, plate lost 30% from a year ago, to stand at 182,100 mt.
