SMM Analysis On China Stainless Steel Import And Export Data In November 2023

Imports: Chinese stainless steel imports stood at 156,000 mt in November, down 51.5% MoM and 51.15% YoY, according to SMM statistics. China imported 105,000 mt of stainless steel from Indonesia (excluding stainless steel scrap imports), down 58.15% MoM and 54.74% YoY. In terms of categories, imports of stainless steel ingots and other semi-products were 22,900 mt in November, down 87.03% MoM and 81.39% YoY. From January to November 2023, total stainless steel imports were 2.0779 million mt, down 34.01% YoY. Among them, semi-products imported from Indonesia dropped by about 87% in November. Stainless steel market swung on a subdued footing in November. Muted demand unfolded. Indonesia produced more stainless steel, but its exports to China plummeted, and most of them were finished products. HRC imports from Indonesia increased by about 5,000 mt, up 116% MoM. In December, domestic stainless steel market aimed to deal with supply tightness. With the bearish market and price advantage, imported stainless steel demand may remain weak.
Exports: Chinese stainless steel exports were 385,500 mt in November, up 3% MoM but down 2.24% YoY, according to SMM statistics. From January to November 2023, total stainless steel exports was 4.2264 million mt, down 14.8% YoY. By country, China exported 56,700 mt of stainless steel to India and 10,800 mt to Europe in November, down 18.03% MoM and 52.74% MoM respectively. India had less demand amid falling manufacturing prosperity index in November. Stockpiling ahead of the Christmas holiday largely came to an end in Europe. Owing to a drop in overseas operating rates during the holidays, stainless steel export is expected to remain weak in December.