[SMM Analysis] Middle East Turmoil Clouds China's May Galvanized Sheet Export Outlook

SMM May 21 News:

According to the latest customs data, galvanized sheet exports in April 2026 totaled 1.1761 million mt, up 1.65% MoM and down 8.84% YoY. Cumulative galvanized sheet exports from January to April reached 4.4273 million mt, down 5.35% YoY cumulatively.

By country, the Philippines imported 219,000 mt of galvanized sheet from China in April, accounting for 18.63% and ranking first; South Korea imported 118,000 mt, accounting for 10% and ranking second; Thailand imported 105,000 mt, ranking third.

April galvanized sheet exports showed relatively small change compared to March, largely in line with earlier expectations. The Philippines' imports of galvanized sheet from China grew, contributing the main incremental volume in April. Consumption in other ex-China markets remained relatively stable, and with Middle East orders yet to recover, April galvanized sheet exports saw no significant growth.

Entering May, although the US and Iran have reached a ceasefire and negotiations continue, galvanized sheet orders destined for the Middle East have yet to recover. In addition, the rainy season is gradually approaching in Southeast Asian countries, and end-user demand for galvanized sheet outside China is expected to be affected to some extent. Furthermore, the US dollar to offshore yuan exchange rate is running at a low level around 6.8 in May, exerting some pressure on order profitability. In summary, galvanized sheet exports are unlikely to improve in May.

(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.)