China's stainless steel imports hit new high in Oct, contributed by higher supply from Indonesia
According to statistics from the General Administration of Customs of China (GACC), China's stainless steel imports totaled around 284,000 tons in October, hiking by 22.8% compared to the preceding month while falling by 8.6% from the year-ago level. The figure hit a new high for this year.
The month-on-month increase was mainly due to the growth in imports from Indonesia, which exported nearly 251,000 tons of stainless steel to China in China, up by 24% from September.
However, due to weak demand from foreign countries, China's stainless steel exports slid by 1.9% month on month to 336,500 tons in October, with a year-on-year increase of 13.8%.
In the first ten months of this year, China's stainless steel imports dropped by 39.4% to 1.7 million tons, and exports fell by 8.4% to 3.4 million tons, both compared to the prior-year level.
