China stainless steel exports shrank 20% in May as coronavirus hit overseas orders

SHANGHAI, Jun 30 (SMM) – China’s exports of stainless steel extended a downward trend in May, falling 19.33% month on month and 20.85% year on year to 252,600 mt, as the coronavirus impact on overseas demand deepened after Chinese exporters cleared previous orders, showed China customs data compiled by SMM. 

Meanwhile, China’s imports of stainless steel continued to rise last month, with stainless steel ingots and other semi-finished products accounting for most of the increase.  

About 130,800 mt of stainless steel was imported in China in May, up 16,200 mt, or 14.13% from a month ago. Imports of stainless steel ingots and other semi-finished products came in at 74,700 mt in May, rising 110.24% from April’s reading of 35,500 mt. 

China’s monthly imports/exports of stainless steel

China’s imports of stainless steel from Indonesia stood at 85,200 mt last month, 17,700 mt, or 26% higher from the previous month. SMM expects the imports of Indonesian stainless steel ingots and semi-products to stay at high levels in the months ahead. 

China’s monthly imports of stainless steel from Indonesia

On the backdrop of increased imports and reduced exports, China’s net exports of stainless steel in May continued to trend downward, dipping 76,700 mt or 38.64% month on month, to 121,800 mt. 

China’s net exports of stainless steel