In August, China’s stainless steel imports fell to 99,500 tons, marking a decrease of 16.8% compared to the previous month and a 43% drop from the same period last year. The supply from Indonesia, which accounts for 72% of China’s total import volume, decreased by 25% m-o-m and 51% y-o-y, dropping to approximately 72,000 tons.
Despite this decline in August, China’s stainless steel imports for the January-August 2024 period rose by nearly 15% y-o-y, totaling 1.33 million tons. Indonesia continued to dominate the supply chain, accounting for 84.7% of imports, with 1.12 million tons imported from the country, reflecting a y-o-y increase of 25.5%.
In August, China exported 488,000 tons of stainless steel, which is an 18.9% increase from July and a 33.4% rise from the same month last year. Vietnam emerged as the largest destination for these exports.
For the January-August period, total stainless steel exports reached 3.26 million tons, marking a 23.3% y-o-y increase. Exports to Vietnam alone amounted to approximately 300,000 tons, representing a significant y-o-y increase of 56%.
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