Why did galvanized sheet exports reach a new high for the year in October? [SMM Analysis]

SMM November 21 News:

According to the latest customs data, in terms of galvanized sheets, the export volume in October 2025 was 1.2994 million mt, up 5.97% MoM and 11.68% YoY. From January-October 2025, the cumulative export volume of galvanized sheets reached 11.74 million mt, up 10.07% YoY.

By country, the Philippines imported 106,200 mt of Chinese galvanized sheets in October, accounting for 8.18%, maintaining its top position; Thailand imported 99,900 mt, with a 7.69% share, rising to second place; South Korea imported 98,100 mt, with a 7.55% share, dropping to third. In terms of changes, Saudi Arabia, Italy, Spain, Israel, and Brazil saw significant increases in imports of Chinese galvanized sheets in October, while the Philippines, South Korea, Peru, and the UAE experienced varying degrees of decline.

SMM believes that the reasons for the increase in galvanized sheet exports in October are as follows:

1. The new regulations by the State Taxation Administration, which were scheduled to be implemented in October, have not yet been enforced. Orders for forging or purchasing customs clearance documents from other import and export firms continued to be exported in October. Additionally, some enterprises, concerned about potential future restrictions, rushed to meet deadlines and ship orders.

2. The recent low domestic-to-international price ratio has supported the export of domestic galvanized sheets. With domestic prices continuing to fall in October, the price advantage provided a boost to export orders.

Entering November, domestic galvanized sheet prices continue to pull back, providing ongoing support for export orders. However, as the end of the year approaches, end-use demand from some countries may weaken. Furthermore, the rush to meet deadlines for "forging" export orders in the previous period may have led to some over-exhaustion of subsequent orders. Considering these factors, there is a risk of a decline in galvanized sheet exports in November.

(The above information is based on market collection and comprehensive evaluation by the SMM research team. The information provided in this article is for reference only. This article does not constitute direct advice for investment research and decision-making. Customers should make cautious decisions and should not replace their independent judgment with this information. Any decisions made by customers are not related to SMM.)