- Vietnam emerges as top export destination
- Exports to SE Asia surge by 20% y-o-y in CY’25
SteelDaily: China’s stainless steel exports surged to a record high in December 2025, as exporters rushed shipments ahead of the implementation of the export licence management system, effective 1 January 2026.
Exports in December were estimated at around 485,000 tonnes (t), up 19.7% m-o-m and 4.2% y-o-y, marking the highest monthly level on record. The sharp rise was largely attributed to an export push strategy by mills and traders seeking to clear volumes before the new regulatory framework came into force. Net exports in December stood at around 340,000 t, up 16% m-o-m and 5.1% y-o-y. For the full year 2025, China’s net stainless steel exports were estimated at approximately 3.51 million tonnes (mnt), registering an 11.9% y-o-y increase.
Exports to Southeast Asia also hit a record high in December at around 163,000 t, up 15.9% m-o-m and 39.6% y-o-y. For calendar year 2025, shipments to the region are projected at about 1.46 mnt, reflecting a strong 19.6% y-o-y growth. Vietnam emerged as the largest single destination in December with around 70,000 t, followed by Russia, Thailand, and South Korea at about 30,000 t each, and India at roughly 25,000 t. Exports to South Korea rose 11.9% m-o-m and 31.1% y-o-y.
Analysts noted particularly strong growth in shipments to Vietnam, India, and Taiwan during December, driven by the impending licensing requirement. Exports to India were further supported by the Indian government’s extension of the Quality Control Order (QCO) compliance relaxation for stainless steel flat products until 31 March 2026.
On the import side, China’s stainless steel imports in December 2025 were estimated at around 145,000 t, up 29.3% m-o-m and 1.9% y-o-y. The increase was mainly driven by higher inflows of cold-rolled stainless steel sheets wider than 600 mm. For the full year 2025, imports were estimated at about 1.52 mnt, down 19.1% y-o-y.
Imports remained heavily concentrated from Indonesia, Japan, and South Korea. In December, shipments from these three countries totalled around 132,000 t, accounting for 90.8% of China’s total imports. Indonesia alone supplied approximately 121,400 t in December, up 39.2% m-o-m and 9.1% y-o-y. However, full-year imports from Indonesia in 2025 are projected at around 1.23 mnt, down 21.6% y-o-y.
Within Indonesian supplies, cold-rolled stainless steel imports reached about 103,000 t in December, up 21% m-o-m and 31.4% y-o-y, while hot-rolled stainless steel imports were estimated at around 7,300 t, up sharply m-o-m but down significantly on a yearly basis. In addition, China imported around 4,700 t of stainless steel slabs and 6,500 t of billets during the month.
Market participants expect export momentum to moderate in early 2026 as the export licensing regime takes effect, with trade flows likely to normalise once regulatory clarity and downstream demand conditions become clearer.
Note: This article has been written in accordance with a content exchange agreement between SteelDaily and BigMint.
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