SHANGHAI, Jun 3 (SMM) – China's stainless steel imports were 224,000 mt in April, an increase of 10.13% month-on-month and 95.9% year-on-year; exports (excluding stainless steel products) were 410,500 mt, an increase of 24.85% month-on-month and 31.09% year-on-year. The total stainless steel exports were 498,400 mt.

Stainless steel exports rose 104,000 mt month on month in April and hit a new high. Exporters rushed to complete orders before the end of April following announcement that export tax rebate for steel products would be cancelled from May 1, contributing to higher export volume in April.

Export volume is expected to decline in May as sellers and buyers need to renegotiate prices following the cancellation of the export tax rebate policy and as some orders have been delivered in advance because of the policy change.