Imports: China’s stainless steel imports stood at 321,800 mt in October, up 27% MoM but unchanged from last year, according to SMM statistics. China imported 250,900 mt of stainless steel from Indonesia (excluding stainless steel scrap imports), up 23.95% MoM, but down 6.03% YoY. In terms of categories, stainless steel ingots and other semi-products were 176,400 mt in October, up 86% MoM and 44.7% YoY. Scrap shredded stainless steel was 37,300 mt, up 69% MoM and 251.8% YoY. From January to October 2023, total stainless steel imports were 1.922 million mt, down 32.08% YoY. Positive demand expectations failed to unfold in October, while import volume hiked for four consecutive months. Indonesia Tsingshan’s high-grade nickel matte production lines switched back to NPI production in October, pushing up stainless steel production. Moreover, Indonesia Delong’s some stainless steel production lines resumed production. Therefore, a slew of stainless steel ingots flowed into China in October. It is expected that stainless steel ingots and other semi-products imports will further increase in November.
Exports: China’s stainless steel exports were 394,300 mt in October, up 3% MoM and 5.4% YoY, according to SMM statistics. From January to October 2023, total stainless steel exports was 3.841 million mt, down 14.29% YoY. By country, China exported 69,100 mt of stainless steel to India and 22,900 mt to Europe in October, up 24.55% MoM and 182.82% MoM respectively. In September, the Indian Ministry of Commerce and Industry introduced anti-dumping policies for stainless steel products against China, lessening China’s export volume in September. As Indian stainless steel mills prepared stocks in advance for the fourth quarter, stainless steel imports from China recovered slightly in October. Sustained easing of inflation in European economy and purchases before the Christmas holiday led to surging stainless steel imports from China. China’s major stainless steel export destinations are expected to reduce imports in November.