August galvanized sheet exports remained high. Can it be sustained in September? [SMM Analysis]

SMM, September 24: According to the latest customs data, in August 2024, the export volume of galvanized sheets was 1.079 million mt, up 1.82% MoM and up 9.13% YoY from 988,700 mt in August 2023. From January to August 2024, the cumulative export volume was 8.3074 million mt, an increase of 14.94% YoY from 7.2278 million mt in 2023. Overall, August exports continued the high levels seen in July.
By country, Thailand imported 149,300 mt of Chinese galvanized sheets in August, accounting for 14.08% of exports, ranking first. The Philippines imported 123,700 mt, accounting for 11.67%, ranking second. South Korea imported 109,600 mt, accounting for 10.34%, ranking third. The top three countries for August exports remained unchanged, with a slight decrease in Thailand and increases in the Philippines and South Korea.

In August, ferrous metals prices continued to decline from July, and the reduction in raw material costs allowed domestic galvanized sheet prices to maintain their advantage, supporting exports.
Entering September, ferrous metals prices remain low. Additionally, the Eurasian Economic Union Commission initiated the first sunset review of anti-dumping on Chinese galvanized steel sheets. Its member countries include Russia, Kazakhstan, Belarus, Kyrgyzstan, and Armenia. However, in 2023, exports to these five countries accounted for only 0.77% of China's total, having minimal impact on domestic exports. September exports may remain stable.