China's April stainless steel imports rise 27% m-o-m, driven by CR coils

Customs data reveals that China's imports of stainless steel in April surged to 194,000 tonnes (t), marking a monthly increase of 41,000 t or 27.1%, along with a substantial yearly rise of 72,000 t. Over the span of January to April, China's total stainless steel imports reached 802,000 t, reflecting a notable y-o-y increase of 219,000 t. The rise is attributed to cold-rolled coils (CRCs) with widths equal to or greater than 600mm, which saw a remarkable monthly uptick of 63,000 t, equating to a 120% surge m-o-m.

In April, stainless steel exports from China reached 393,000 t, showing a monthly increase of 1.6%, and a yearly increase of 4.3%. From January to April, cumulative stainless steel exports totalled 1.454 million tonnes (mnt), reflecting a substantial y-o-y growth of 8.3%. Notably, there was a significant surge in exports of stainless steel pipes, which saw an increase of 8,000 t or 18.2% compared to the previous month.

In April 2024, China's net export of stainless steel amounted to approximately 198,600 t, reflecting a decrease of 15% compared to the previous month and a decline of 21.9% compared to the same period last year. Over the January to April 2024 period, cumulative net exports of stainless steel reached 652,000 t, down by 14.2% y-o-y.

The import landscape in April was dominated by Indonesia, Japan, and Korea, which collectively contributed 180,000 t of the total imports. These top three origins accounted for 95.4% of the total imports, amounting to 185,000 t. From January to April, imports from these three origins totalled 750,000 t of the total, with the cumulative imports from the top five origins reaching approximately 770,000 t, representing 96% of the total.

Regarding imports from Indonesia in April 2024, customs data indicates that China imported approximately 166,000 t of stainless steel from Indonesia, marking a 35.1% increase m-o-m and a significant 79% increase y-o-y. Specifically, hot rolled steel accounted for about 19,000 t (largely processing trade), witnessing a 54.7% monthly increase and an 85.2% yearly increase.

CRCs reached 111,800 t, hitting a 17-month high with a 123.4% monthly increase and a 36.2% yearly increase. Slab (processing trade) amounted to 12,200 t, rising by 189.7% monthly. However, square billets and similar products were recorded at 22,900 t, marking a 59.4% monthly decrease but remained stable compared to the previous year.

Turning to the top ten export destinations in April 2024, the total export amounted to 243,000 t, accounting for 61.84% of the total export. Key countries included Vietnam, Turkiye, India, and Korea. While there was a mild increase in stainless steel exports, m-o-m, data revealed that exports to Cambodia, China's Taiwan, and Bangladesh saw slight upticks, respectively adding 8,300 t, 4,700 t, and 4,100 t, representing increases of 120.5%, 26.6%, and 66.75% m-o-m.

The European Union stainless market exhibited weak demand due to the off-season, with Chinese stainless exports only amounting to 11,000 t, marking a significant 52.8% monthly decrease and an 83.5% yearly decrease. From January to April 2024, total exports reached about 70,000 t, up by 67.7% y-o-y.

Note: This article has been written in accordance with a content exchange agreement between MySteel Global and BigMint.