In December, Indonesia's total stainless steel exports decreased by approximately 7.18% MoM, with mixed performance in exports to major global consumer countries [SMM Analysis].

Published: Feb 6, 2025 17:42

Save

[SMM Analysis: Indonesia's Stainless Steel Exports Fell by About 7.18% MoM in December; Mixed Performance in Exports to Major Global Consumer Countries] In December 2024, Indonesia's stainless steel exports to China were approximately 101,800 mt, down by about 43,700 mt MoM, a decrease of around 30.05% MoM and 46.56% YoY...

In December 2024, Indonesia exported approximately 1.02 million mt of stainless steel to China, down by about 437,000 mt MoM, representing a MoM decrease of around 30.05% and a YoY decline of approximately 46.56%.

By country, among the top ten countries and regions importing from Indonesia in December, the total import volumes varied. Overall, the total stainless steel export volume fell below 400,000 mt to 385,700 mt, down by about 29,800 mt MoM. Additionally, the total export volume to the top ten countries accounted for 99.96% of the monthly export volume, up by 0.01 percentage points MoM. In December, the domestic stainless steel market entered the traditional off-season, with some inventory buildup in the social inventory. Moreover, weak consumption led to continuous inventory buildup in futures warehouse warrants, further constraining the upward recovery momentum of stainless steel. Stainless steel spot prices entered a downward trajectory, hitting a multi-year low. Meanwhile, weak domestic demand caused a significant decline in the total stainless steel imports from Indonesia in December. From the raw material side, the weak stainless steel prices in December continued to negatively impact the raw material side, with high-grade NPI prices also experiencing a continuous decline. However, with the concentrated release of Indonesian nickel ore, prices pulled back, and the profitability of high-grade NPI at major smelters improved. Major production areas adjusted production rhythms to reduce stainless steel output, thereby increasing the total exportable volume of high-grade NPI. As a result, the overall exportable stainless steel volume declined. From other countries, growth in December was mainly concentrated in India, Turkey, Thailand, and South Korea. India saw the most significant growth, with the total stainless steel imports from Indonesia increasing by about 87,900 mt MoM. India's manufacturing PMI in December stood at 56.4, remaining in the expansion territory. India is still in the early stages of manufacturing development and heavily relies on stainless steel from China and Indonesia. The YoY increases in stainless steel imports from Indonesia in December were approximately 183.93% for India, 44.52% for Turkey, 38.26% for Thailand, and 27.78% for South Korea.

By product type, in December, stainless steel scrap export volume was about 4,200 mt, down by approximately 12.74% MoM and up by about 19.73% YoY; stainless steel billet export volume was about 41,400 mt, down by approximately 33.18% MoM and 75.3% YoY; stainless steel hot-rolled export volume was about 244,200 mt, up by approximately 4.92% MoM and 90.47% YoY; stainless steel cold-rolled export volume was about 95,300 mt, down by approximately 17.21% MoM and up by 5.4% YoY; stainless steel wire rod export volume was about 38.22 mt, up by approximately 1,017.54% MoM and 762.75% YoY.

》Click to View the SMM Stainless Steel Database

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

18 hours ago

Before the holiday, the black chain is unlikely to see a trend-driven market [SMM Steel Industry Chain Weekly Report].

This week, ferrous metals were in the doldrums, with coking coal and coke staging a mid-week rise. At the beginning of the week, financial markets experienced sharp fluctuations, dragging down sentiment in the ferrous chain and leading to a pullback in futures. Mid-week, Indonesia's cut to coke production quotas drove coking coal and coke futures to lead the gains, though the impact was more pronounced on thermal coal, while coking coal's rise was largely sentiment-driven and short-lived. In the latter part of the week, finished products continued their seasonal inventory buildup, and support from the raw material side weakened, causing the entire ferrous chain to pull back. In the spot market, with the Chinese New Year holiday approaching, purchasing activity slowed down further, with end-users only making limited, as-needed purchases at low prices.

18 hours ago

MMi Daily Iron Ore Report (February 6)

Today, the DCE iron ore futures continued to hit bottom today, with the most-traded contract I2605 closing at 760.5 yuan/mt, down 1.23% from the previous trading day. Spot prices fell by 5–10 yuan/mt compared to the previous trading day.

18 hours ago

19 hours ago

[SMM Chromium Daily Review] Inquiries and Transactions Weakened, Chromium Market Showed Mediocre Performance Before the Holiday

[SMM Chrome Daily Review: Trading and Inquiries Weakened, Chrome Market Showed Mediocre Performance Before the Holiday] February 6, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

19 hours ago