SHANGHAI, Sep 23 (SMM) – China imported 290,600 mt of stainless steel in August, an increase of 69,600 mt or 31.5% from July, and the export volume was 437,900 mt, down 65,800 mt or 13.07% on the month.
Stainless steel import volume from Indonesia was about 238,000 mt in August, an increase of 66,700 mt from July, accounting for 82% of the total imports.
The increment in the imports of stainless steel from Indonesia in August mainly came from the other semi-finished stainless steel products and cold-rolled products. The import volume of semi-finished products increased by 21,900 mt from the previous month to 152,400 mt, and that of the cold-rolled products returned to normal at 47,400 mt.
Excluding the stainless steel products and other varieties, the stainless steel exports totalled 337,300 mt in August, a month-on-month decrease of 17.75% but a year-on-year increase of 25.27%.
The decrease in the export volume was mainly due to the lower exports of the stainless steel plates and coils. The export volume of stainless steel plates and coils stood around 219,200 mt in August, down 62,600 mt from July. The exports of narrow strip and tube extrusions fell slightly by about 10,000 mt.
The export volume of stainless steel has been in a continuous downward trend since June. Some exporters rushed to export goods ahead of the cancellation of tax rebates and the increase in export tariffs, and the export orders declined afterwards. At the same time, the stainless steel demand weakened amid the high prices and the recovered overseas supply.
Domestic stainless steel output fell by more than 20% under the production curtailment policy, and new production capacities in Indonesia were put into operation, bringing increment to the overseas output. Therefore, the imports of stainless steel are expected to stand high to meet the domestic demand.