SHANGHAI, Jun 22 (SMM) - In May 2022, stainless steel imports totalled 229,800 mt, down 9,176 mt or 3.84% month-on-month and 24.05% year-on-year.

Imports from Indonesia fell in tandem, down 3.54% from April, while the proportion remained above 80%. There was a significant reduction in the imports of semi-finished cold rolled products, which almost halved.

Exports in May were significantly higher than in April, at around 486,700 mt, an increase of 23.01% MoM and 32.91% YoY, while this year's export trend into May seems not quite in line with the seasonal changes over the years.

From a country-by-country perspective, the main increases in exports were seen in Turkey and India, as well as Vietnam, while Europe also recovered and even exceeded the previous levels. The recovery in demand in Europe and the US was also accordant with a recovery in the European PMI in May.

The significant increase of exports in May is partly because that in March and April, Shanghai and Guangdong, two export-heavy areas, had orders linger at the port due to the pandemic. In addition, Chinese products’ price advantage gradually emerged after the prices fell recently, coupled with recovering foreign demand.

In Southeast Asia, India and Vietnam, on the other hand, the stainless steel industry is developing vigorously with new plants opening one after another according to SMM research. Therefore, the demand may continue to be maintained.

In addition, all varieties of stainless steel saw significant increases, with the most notable MoM increases being in plate and coil, and pipe.