Data released by the General Administration of Customs on June 9 shows that China exported 10.341 million tonnes of steel in May, an increase of 843,000 tonnes (or 8.9%) from the previous month; cumulative exports for the January–May period totaled 44.554 million tonnes, down 8.1% year-on-year. Steel imports in May stood at 451,000 tonnes, a decrease of 14,000 tonnes (or 3.0%) from the previous month; cumulative imports for January–May totaled 2.255 million tonnes, down 12.2% year-on-year.

Analysis and Commentary

Stainless Steel

Domestic steel exports rose by 8.9% month-on-month in May; a marginal recovery in external demand has bolstered the demand for stainless steel. On June 8, the benchmark stainless steel futures contract (SS2607) on the Shanghai Futures Exchange closed at 14,665 RMB/ton, up 20 RMB/ton from the previous trading day. The futures price trended upward, providing positive support for spot prices.

Stainless Steel Plate

Stainless steel plate is a specific category of steel products. The month-on-month increase in steel exports in May has provided some boost to demand; combined with firm prices for stainless steel raw materials, there is an expectation of a slight rise in spot prices.

Seamless tubes

Steel exports rose by 8.9% month-on-month in May; improving external demand has provided a slight boost to the demand for seamless tubes, and spot prices are expected to rise steadily.

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