According to the latest customs data, the export volume of galvanized sheets in April 2024 was 1.1091 million mt, down 7.60% MoM, and up 0.91% YoY compared to 1.0991 million mt in April 2023. The import volume in April was 81,200 mt, with a net export volume of 1.0279 million mt. From January to April 2024, the cumulative export volume of galvanized sheets was 4.073 million mt, up 13.46% YoY. Overall, the export volume in April slightly decreased compared to March and was flat compared to the same period last year.
By country, Thailand imported 135,800 mt of Chinese galvanized sheets in April, accounting for 12.25% of China's total exports, surpassing the Philippines and South Korea to regain the top position. South Korea imported 118,800 mt, accounting for 10.71%, dropping to second place. The Philippines imported 84,000 mt, accounting for 7.57%, dropping to third place.
According to customs data, from January 2022 to April 2024, the top six importer countries for China's galvanized sheet exports and their cumulative export volumes were South Korea (2.677 million mt), Thailand (2.5314 million mt), the Philippines (2.1456 million mt), Vietnam (996,200 mt), Brazil (878,300 mt), and Israel (758,700 mt). In April, China's galvanized sheet exports to South Korea, the Philippines, and Israel saw a significant decline compared to March, while exports to Thailand and Brazil increased.
SMM believes the reasons for the slight decline in galvanized sheet exports in April are as follows:
• The RMB was strong in April, and exchange rate issues led to a decrease in export price advantages, inhibiting exports to some extent.
• The prices of ferrous metals rebounded in April, and zinc prices continued to rise, increasing domestic production costs for galvanized sheets. This led to a price increase for galvanized sheets.
Entering May, construction in Southeast Asia is entering the off-season due to rising temperatures and other weather factors. Additionally, some countries have started or plan to launch anti-dumping investigations on Chinese galvanized sheet products, which may impact domestic exports. Under these combined influences, the export volume of galvanized sheets in May may continue the downward trend.
