Galvanized Sheet Exports Pulled Back as Expected in May; Will They Continue to Decline in June? [SMM Analysis]

SMM June 20 report:
       According to the latest customs data, in terms of galvanized sheet, China's galvanized sheet exports in May 2025 reached 1.1144 million mt, with cumulative exports from January to May 2025 totaling 5.7919 million mt, representing an 11.64% YoY increase compared to 5.1881 million mt in the same period of 2024. Overall, galvanized sheet exports pulled back slightly MoM in May, broadly in line with market expectations.

       By country, the Philippines imported 125,000 mt of Chinese galvanized sheet in May, accounting for 11.22% of China's galvanized sheet exports, maintaining its top position. Brazil imported 98,300 mt, accounting for 8.82% of China's galvanized sheet exports, rising to second place. Thailand imported 93,300 mt, accounting for 8.37% of China's galvanized sheet exports, remaining in third place. In May, imports of Chinese galvanized sheet by countries such as the Philippines, Vietnam, Indonesia, and Peru declined significantly, while imports by countries such as Brazil, Ghana, Sri Lanka, and Israel increased to varying degrees.

       SMM believes that the decline in galvanized sheet exports in May compared to April can be attributed to the following factors:

• Recently, China has been cracking down on export orders involving fake invoices, leading to a reduction in export orders for some enterprises.
• The rush to export orders from galvanized sheet enterprises in the early stage of May had come to an end, and there was no new round of "rush to export" behavior after tariff easing. As a result, export orders in May fell short of April's level.

       As June began, SMM learned that some galvanized sheet mills reported that the "rush to export" orders from the early stage had been largely fulfilled. However, new orders received in June were weak, and related galvanized sheet export orders continued to weaken compared to May. It is expected that China's galvanized sheet exports may continue to decline in June.

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