Both Imports and Exports of Stainless Steel Decreased Significantly in Dec Due to Dismal Overseas Trades

According to SMM statistics, China imported 237,100 mt of stainless steel in December 2022, a month-on-month decrease of 18.8% and a year-on-year decline of 12.4%. The amount of stainless steel imported from Indonesia was 189,800 mt, down about 18.2% on the month and down 10.79% from the previous year. The proportion of imports from Indonesia to the total imports fell to about 69%, mainly because a large stainless steel plant in Indonesia was shut down in December. After the Chinese New Year (CNY) holiday, China’s stainless steel demand may recover, which suggests that the total import volume of stainless steel will increase significantly in January-February.

In terms of exports, SMM statistics show that China exported 470,300 mt of stainless steel in December, a month-on-month decrease of 1.81% and down by 12% on a yearly basis. The combined export volume to the top ten destinations still accounted for 67% of the total exports. Although the export volume to European and American countries still stood at a low level in December, it actually increased slightly month-on-month. The main reason may be that some downstream companies in Europe and the United States still had a certain demand for stocking after the Christmas. The weak economies had particularly sluggish demand for stainless steel at the end of the year. For example, the export volume to South Korea, Vietnam, India, Thailand and other Asian countries decreased slightly in December. In addition, some south-east Asian countries already began to ban the imports of some Chinese stainless steel products. On the whole, China’s stainless steel exports in December was less satisfactory. The following attention shall be paid to the changes in the import policies concerning stainless steel-related products in the major destinations.

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