Imports: SMM statistics showed that China's stainless steel imports in March 2025 stood at 135,500 mt, down 18% MoM and 16.1% YoY. Among them, imports from Indonesia (excluding scrap) totaled 100,700 mt, down 18.05% YoY and 25.82% MoM. By product form, the structure of stainless steel reflow from Indonesia in March showed differentiation: hot-rolled volume increased 14.61% MoM to 17,200 mt, while cold-rolled volume plummeted 28.06% MoM to 74,900 mt, and semi-manufactured products dropped 49.62% MoM to just 8,200 mt. Despite March being the traditional peak consumption season of "Golden March and Silver April," domestic downstream end-use demand did not significantly recover, coupled with a substantial increase in local stainless steel production, leading to a noticeable contraction in imports. Exports: Data showed that China's total stainless steel exports in March 2025 surged to 520,500 mt, up 54.24% MoM, returning to a high level above 500,000 mt, and up 13.41% YoY. By product structure, the share of coil exports significantly increased to 65.99%, while the share of products and other categories dropped to 9.58%. All sub-categories achieved substantial growth, with coils, narrow strips, profiles, and pipes up 77.62%, 66.02%, 72.35%, and 41.74% MoM, respectively. By export destination, Taiwan, China, Turkey, and Vietnam became the main contributors to the increase, with exports to Taiwan up 20,400 mt (152.36% MoM), to Vietnam up 28,500 mt (97.42% MoM), and to Turkey up 18,600 mt (225.26% MoM), making the overall export data impressive. After the Chinese New Year, the peak consumption season of "Golden March and Silver April" began, leading to a concentrated release of pent-up procurement demand. Meanwhile, domestic stainless steel production in March reached 3.4 million mt, with ample supply supporting export growth. Additionally, rising prices of raw materials such as high-grade NPI and high-carbon ferrochrome pushed up stainless steel costs, and the market sentiment of "rush to buy amid continuous price rise and hold back amid price downturn" was strong, further stimulating transactions. However, entering April, US President Trump proposed a significant increase in tariffs on China, posing a major impact on the export-oriented stainless steel industry, spreading market pessimism and causing prices to pull back. Although there are currently re-export trade routes and the actual impact of tariff policies has not fully materialized, the export outlook has been clouded by uncertainty.

SMM reported on April 6 that in 2024, U.S. imports of stainless steel from China accounted for 5.8% of its exports. The increase in U.S. tariffs impacted exports, and considering the current situation from various perspectives, the industry may face a price decline.

China's stainless steel import and export market dynamics in February 2025. Imports, affected by the Chinese New Year holiday and downstream demand, saw a decline both MoM and YoY, with a slight decrease in the share of imports from Indonesia and varying changes in the volume of different product forms. Prices fluctuated rangebound due to raw material factors. Exports, on the other hand, experienced a significant drop MoM but an increase YoY; growth in demand from emerging sectors did not fully offset the impact of weakness in the construction industry, and a complex international trade environment posed numerous challenges for exports. It is expected that there will be changes in both stainless steel imports and exports in March, with a long-term supply-demand imbalance persisting globally.

SMM Analysis: Changes in Stainless Steel Import and Export Markets After Chinese New Year in February 2025, Tug-of-War Between Sellers and Buyers Continues Globally In February 2025, the dynamics of China's stainless steel import and export markets showed that imports, influenced by the Chinese New Year holiday and downstream demand, decreased both MoM and YoY. The share of imports from Indonesia slightly declined, with varying changes in the volume of different product forms. Prices fluctuated rangebound due to raw material factors. On the export side, the volume dropped significantly MoM but increased YoY. The growth in demand from emerging sectors did not fully offset the impact of weakness in the construction industry. The international trade environment was complex, posing many challenges for exports. It is expected that there will be changes in both imports and exports of stainless steel in March, with a long-term supply-demand imbalance persisting globally.

[SMM Analysis: Indonesia's Stainless Steel Exports Fell by About 7.18% MoM in December; Mixed Performance in Exports to Major Global Consumer Countries] In December 2024, Indonesia's stainless steel exports to China were approximately 101,800 mt, down by about 43,700 mt MoM, a decrease of around 30.05% MoM and 46.56% YoY...

[SMM Analysis: Overseas Market Affected by Expected Tariff Increase in December, Short-Term Stainless Steel Consumption Remains Relatively Strong] Imports: According to SMM statistics, China's stainless steel imports in December 2024 totaled 152,300 mt, up approximately 11.09% MoM but down 47.24% YoY. The cumulative total from January to December 2024 was about 1.978 million mt, with a cumulative YoY decrease of approximately 16.43%.

[SMM Analysis: Indonesia's Stainless Steel Exports Rose by Approximately 17.31% MoM in November, Driven by Recovering Demand in Major Consumer Countries] In November 2024, Indonesia exported approximately 145,500 mt of stainless steel to China, an increase of about 23,000 mt MoM, with a MoM growth of approximately 18.81% and a YoY decline of about 29.35%...

According to SMM statistics, China's stainless steel imports in August 2024 were 106,800 mt, down 14.72% MoM and 44.65% YoY.

Import side: According to SMM statistics, in July 2024, China's stainless steel imports amounted to 125,200 mt, down 9.35% MoM, up 1.35% YoY. In June, the total stainless steel imports from Indonesia were about 71,000 mt……

According to SMM statistics, China's stainless steel imports in July 2024 were 125,200 mt, down approximately 9.35% MoM and up about 1.35% YoY.