SMM Analysis: Indonesia’s Stainless Steel Exports Exceeded 400,000 Mt In October, With Exports To China Soaring Over 100% MoM

In October 2023, Indonesia’s stainless steel exports to China were approximately 253,200 mt, a month-on-month increase of approximately 102.06%, and a year-on-year decrease of approximately 9.64%; the total export volume to China from January to October was approximately 1.3484 million mt, a year-on-year decrease of approximately 36.53%.

China, Taiwan, South Korea, Vietnam, Malaysia, India, Italy, Turkey, Thailand, and the United States were still the top ten export destinations, altogether dominating more than 98.75% of Indonesia’s total stainless steel exports in October.

In October, except for significant increases in exports to China and India, the proportion of exports to other countries fell sharply. Among them, exports to South Korea and Thailand fell significantly, with month-on-month decreases of 90.10% and 91.54% respectively. This is mainly due to the resumption of some production lines at Indonesia Delonghi in October and some downstream enterprises in China maintained stable orders, which drove massive amounts of stainless steel billets in Indonesia to flow into China.

Exports to India, one of the major consumers of stainless steel, continued to increase in October.