Stainless steel imports decreased by 30.76% MoM in March, while exports exceeded 450,000 tons amid significantly increased overseas demand [SMM Analysis]

The total amount of stainless steel imImports: According to SMM statistics, China's stainless steel imports in March were 161,500 tons, down 30.76% MoM and 3.07% YoY. ported from Indonesia in March was about 122,900 tons (excluding stainless steel scrap imports), up 35.81% YoY but down 38.47% MoM. The import of stainless steel coils in March decreased by about 60,000 tons compared with February, accounting for only 55% of the coil imports in February, while that of profiles and narrow strips increased significantly. The decrease in imports was mainly due to Indonesia. The total amount of stainless steel imported from Indonesia decreased by about 66,000 tons compared with February, with all forms reducing significantly. On the one hand, the domestic stainless steel market in March was relatively weak. On the other hand, as overseas demand recovered and Indonesian stainless steel production remained unchanged, more stainless steel resources flowed to other countries.

Exports: According to SMM statistics, China's stainless steel exports in March were 458,900 tons, up 42.62% MoM and 17.65% YoY, exceeding 450,000 tons again after falling in February. The total imports in 2024Q1 were 1.2718 million tons, up 16.52% YoY. The exports of coils increased significantly, up 113,000 tons from February, narrow strips up about 5,700 tons, profiles up about 5,700 tons, and stainless steel finished products up about 9,000 tons. The overall demand in Asian countries increased. Although India still maintained first place, its share dropped significantly compared with last year. Exports to Vietnam had the largest increase in March, with 43,200 tons, up 29,000 tons MoM, followed by South Korea, an increase of 22,000 tons from February. Demand in Europe and the United States remained stable in March as in January and February. Exports to the United States increased by 7,700 tons, an increase of 45%, and to Europe decreased by 600 tons, but much higher than last year's average export level. Exports to Russia decreased by about 3,000 tons. Foreign demand remained at a high level in 2024, partly because many overseas steel mills shut down due to serious losses. Therefore, some demand shifted to the domestic market. On the other hand, as Asia's overall PMI has maintained a relatively high growth trend recently, the actual consumption of ferrous metals and stainless steel has increased significantly. As the shipments to other countries in April were similar to those in January, exports in April are expected to remain at a high level.