Indonesia’s stainless steel exports to China fell by about 62,900 tons in August 2024, indicating a decrease of 37.45% on a monthly basis and 66.48% on an annual basis.
Among the top ten export destinations, only Thailand saw a recovery, while countries such as China, Taiwan, India, and Vietnam saw significant declines. Overall, total stainless steel exports fell by about 87,500 tons compared to July, reaching the lowest level of the year at 313,800 tons.
The domestic stainless steel market in Indonesia remains sluggish while rising inventory levels have led to lower spot prices. In addition, the impact of anti-dumping policies on stainless steel in China and Indonesia has negatively affected both domestic and international demand. Since Indonesia’s Yongwang cold rolling mill has been under maintenance since June, cold-rolled stainless steel exports have shown a continuous decline and reached a historical low of approximately 32,800 tons in August.
Export volumes in August varied by product type. Stainless steel scrap exports increased by 9.27% m-o-m to approximately 5,000 tons, while stainless steel billet exports decreased by 45.4% to approximately 107,500 tons. Hot-rolled stainless steel exports increased by 11.3% to approximately 168,500 tons, while cold-rolled stainless steel exports decreased by 31.97% to approximately 32,800 tons.
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