China March stainless steel exports up 25% YoY, exports in April to fall on virus lockdowns

SHANGHAI, Apr 27 (SMM) – China’s exports of stainless steel expanded 24.68% year on year to 367,900 mt in March, showed China customs data, following the exports losing 11.92% in the January-February period as the coronavirus outbreak disrupted domestic activities. 

In March, Chinese stainless steel producers fulfilled orders received before the Chinese New Year holiday after they returned from the virus impact. Seasonality issues also accounted for the rise in stainless steel exports in March. An escalation in the COVID-19 outbreak outside China emerged at end-March and this barely affected the export reading in March. 

SMM expects both China’s exports and imports of stainless steel to shrink in April, as the pandemic overseas led to the lockdown of ports in a number of countries. 

About 61,500 mt of stainless steel was imported to China in March, down 70.49% from the same period last year. Imports in January-February decreased 38.56% year on year. 

China’s imports of stainless steel from Indonesia stood at 16,900 mt in March, accounting for 27% of the total imports. 

The accumulative net exports of stainless steel in the first quarter came in at about 600,000 mt, 73% higher on the year. Seasonality factor and a plunge in the imports in March resulted in the higher net exports.