GACC: China's stainless steel exports dip 4.7% YoY in May

China exported 436,300 tonnes of stainless steel in May, down 4.7% year-on-year and made for the first on-year decline so far this year, data released by the General Administration of Customs (GACC) on June 20 show. The volume also fell by 2.6% from April, marking the second consecutive monthly drop since the peak in March.

The decrease was largely driven by plunging shipments to South Korea, one of China's key stainless steel export destinations and taking nearly 7% of China's total stainless exports during this year's first five months, the GACC data showed. The downturn followed South Korea's Ministry of Economy and Finance concluding an