Stainless Steel Imports Fell but Exports Rose Significantly in May as European Demand Recovered and South-east Asia Develop Rapidly

SHANGHAI, June 22 (SMM) - China’s stainless steel imports stood at 229,800 mt in May, a month-on-month decrease of 9,176 or 3.84%, and a year-on-year decrease of 24.05%, according to SMM statistics.

Among them, the import volume from Indonesia also declined simultaneously, while the proportion remained above 80%, a decrease of 3.54% month-on-month compared with April. Among them, the imports of stainless steel semi-finished products significantly reduced, and the import volume was almost halved.

In terms of export volume, the export volume in May still increased significantly about 486,700 mt compared with April, a month-on-month increase of 23.01% and a year-on-year increase of 32.91%. The trend of this year's exports in May does not seem to be in line with the seasonal changes over the years. In terms of countries, the main export increase comes from Turkey, India and Vietnam, while Europe has also recovered or even exceeded its previous level. The recovery of demand in European and American countries is also matched with the recovery of PMI in European countries in May. On the other hand, the orders were blocked in March and June as the ports in Shanghai and Guangdong were affected by the pandemic. In addition, as the prices began to drop, the price advantage gradually emerged, and foreign demand also recovered. In south-east Asia, India and Vietnam, according to SMM research, the stainless steel industry is developing vigorously and new plants are being opened, so the demand may continue to be strong. From the perspective of classification, the exports of all categories have increased significantly, and the coil and pipe rose most significantly month-on-month.