- Vietnam emerges as stainless steel export destination
- Philippines remains dominant supplier of nickel ore to China
SteelDaily: China’s stainless steel trade weakened during January–November, with both imports and exports declining on a y-o-y basis. In November, stainless steel imports stood at around 110,000 t, down 10% m-o-m and 14% y-o-y. Imports from Indonesia, the largest supplier, fell 16% m-o-m and 17% y-o-y, while shipments from Japan and Vietnam also declined sequentially. On a cumulative basis, China’s imports during January–November dropped 21% y-o-y to around 1.37 mnt, with Indonesian-origin material down 24% y-o-y.
Exports edge lower despite monthly rebound
China’s STS exports showed a mixed trend. November exports rose 13% m-o-m to around 400,000-530,000 t, but still fell 8% y-o-y. Vietnam remained a key destination, with monthly shipments increasing sharply. However, cumulative STS exports during January-November slipped 1% y-o-y to about 4.55 million tonnes, indicating subdued overseas demand overall despite selective market strength.
Nickel ore imports rise despite monthly volatility
In contrast to finished steel trade, imports of key raw materials continued to grow on a cumulative basis. China’s nickel ore imports totaled about 3.34 mnt in November, down sharply m-o-m but up around 3% y-o-y. Cumulative nickel ore imports during Jan–Nov reached approximately 40.27 mnt, up 10.1% y-o-y, with the Philippines accounting for the bulk of supply.
Ferronickel inflows surge
Ferronickel imports remained strong. November arrivals reached about 895,400 t, marginally lower m-o-m but up 1.4% y-o-y. Cumulative ferronickel imports during January-November rose sharply by 27.2% y-o-y to around 10.15 mnt, driven largely by higher shipments from Indonesia, reflecting China’s continued reliance on imported nickel units for stainless steel production.
Refined nickel imports jump sharply
China’s refined nickel imports also increased significantly. November imports rose 30% m-o-m and over 41% y-o-y to about 12,700 t. On a cumulative basis, refined nickel imports during January-November surged 163.1% y-o-y to around 207,800 t, underscoring stronger demand for refined units amid shifting raw material strategies, even as imports from Russia showed volatility.
Imports of chrome ore rise, ferro chrome drop
Chrome ore imports strengthened alongside stainless steel production needs. November chrome ore imports rose both m-o-m and y-o-y, while cumulative Jan-Nov imports increased by over 10% y-o-y, led by higher arrivals from South Africa. In contrast, ferro chrome imports declined sharply. November ferrochrome imports fell nearly 60% y-o-y, and cumulative imports during Jan-Nov dropped 31.5% y-o-y, reflecting greater domestic ferrochrome availability and reduced import dependence.
Outlook
China’s stainless steel trade remains under pressure due to weak global demand, as reflected in lower stainless steel imports and exports during January-November. However, the continued rise in raw material imports-particularly nickel ore, ferronickel, and refined nickel-highlights sustained upstream demand and a strategic shift toward securing nickel units. Market participants expect this divergence between finished steel trade and raw material flows to persist in the near term.
Note: This article has been published in accordance with a content exchange agreement between SteelDaily and BigMint.
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