SHANGHAI, Aug 24 (SMM) - China imported 221,000 mt of stainless steel in July, a decrease of 29,200 mt or 11.7% from June, and the export volume was 504,000 mt, down 72,700 mt or 12.64% on the month, but up 54% on the year.
Stainless steel import volume from Indonesia was about 171,300 mt in July, a decrease of 16,300 mt from June, accounting for 78% of the total imports. The imports of other semi-finished stainless steel products increased by 33,800 mt from June to 130,600 mt, and CRC imports decreased by 44,100 mt on the month to 2,200 mt.
Excluding the stainless steel products and other varieties, the stainless steel exports totalled 410,000 mt in July, a month-on-month decrease of 15.79% but a year-on-year increase of 58.27%.
The decrease in the export volume was mainly due to the lower exports of the stainless steel plates and coils. The export volume of stainless steel plates and coils stood around 281,800 mt in July, down 76,500 mt from June. The exports of narrow strip and tube extrusions were largely unchanged.
Stainless steel export volume stood high mainly due to the rising demand from the overseas market. The cancellation of tax rebates and the increase in export tariffs in the steel industry also prompted some traders to export goods in advance. The exports may decline after the overseas demand stabilises.
