China's stainless steel imports recorded a large increase in October. According to data released by the General Administration of Economy, stainless steel imports in October reached 284.2 tons, up 22.8% from September. However, they decreased by 8.6% compared to the same period last year.
Stainless steel imports from Indonesia played a major role in this increase. In October, stainless steel imports from Indonesia increased by 23.9% mom to 250.9 thousand tons.
However, China's stainless steel exports decreased by 1.9% m-o-m to 336.5 thousand tons in October due to weak overseas demand. On a yearly basis, however, an increase of 13.8% was recorded.
China imported a total of 1.67 million tons of stainless steel in the January-October period. This means a 39.4% decrease compared to the same period last year.
The country exported a total of 3.44 million tons of stainless steel in the same period. This indicates a loss of 8.4% on an annual basis.
The fluctuations in China's stainless steel sector are due to lower demand in China's domestic market and weak demand in foreign markets, resulting in declines in both import and export figures.