GACC: China's Aug stainless scrap imports drop 61% YoY
For the first eight months of this year, the country's stainless scrap imports slumped by 69.6% on year to total around 67,300 tonnes, the data show.
The average unit price of imported stainless scrap also edged down last month, settling lower at $1,045.2/tonne as compared to $1,111.2/t in July and $1,198.8/t in August 2023, Mysteel Global calculated based on GACC data.
Despite the on-year decline, the volume of China's stainless scrap imports in August presented an increase of 32.7% compared to July's 5,322 tonnes. This coincided with the monthly growth in the country's crude stainless steel production. According to Mysteel, the total output among the 43 domestic stainless steelmakers it tracks rose by 50,900 tonnes or 1.5% on month to reach 3.36 million tonnes in August.
However, stainless steelmakers in China faced thinning profit margins in the past month, which discouraged them from importing high-priced raw materials including stainless scrap. For instance, stainless steel giant Tsingshan Group reported a narrow profit margin of 0.63% for producing 304-grade cold-rolled coil as of August 30, down from 2.61% at the end of July.
Japan remained China's largest supplier of stainless steel scrap, exporting around 36,850 tonnes to China in August, representing a 50% on-month increase, yet still 65.6% lower than the same period last year, according to GACC data.
Written by Adele Pan, panqinjie@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
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