China: Stainless steel imports rebound in Jun’26 on higher inflows from Indonesia; H1 CY’26 volumes drop y-o-y

• Indonesia accounts for nearly 84% of June imports
• H1 imports reach 757,000 t, down nearly 9% y-o-y

China’s stainless steel imports rebounded sharply in June, rising 31.9% m-o-m to 120,200 tonnes (t), supported primarily by a surge in shipments from Indonesia. However, cumulative imports for the first half of the year remained below last year’s levels, indicating that the June improvement was insufficient to offset weaker arrivals recorded earlier in the year.

Cold-rolled stainless steel (width ≥600 mm) remained the dominant import product, with 71,400 t, accounting for 58.5% of total imports. Hot-rolled stainless steel (width ≥600 mm) followed with 12,200 t.

Indonesia continued to dominate China’s import market. Imports from the country increased 40.1% m-o-m to 100,800 t, representing nearly 84% of China’s total stainless steel imports in June. The higher inflow underscores Indonesia’s continued position as China’s key offshore supplier, supported by its integrated stainless steel production base and competitive export availability.

Despite the strong monthly recovery, China’s stainless steel imports during January-June totaled 757,000 t, down 8.5% y-o-y, reflecting softer import volumes over the first five months of the year.

Meanwhile, China’s stainless steel exports also strengthened in June, rising 7.4% m-o-m and 14.4% y-o-y to 446,300 t. Cold-rolled stainless steel (width ≥600 mm) accounted for the largest share of exports at 197,200 t, followed by hot-rolled stainless steel (width ≥600 mm) with 83,600 t.

Vietnam remained China’s largest export destination in June, importing 63,000 t, followed by India (55,000 t), Russia (33,000 t), South Korea (28,000 t) and Taiwan (22,000 t).

However, cumulative export performance remained weaker. China’s stainless steel exports during the first half of the year totaled 2.06 million tonnes (mnt), down 17.6% y-o-y, indicating that stronger June shipments only partially offset weaker export activity recorded earlier in the year.

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