- Weaker demand pulls down exports by 35%
- Scrap imports surge on nickel price volatility
China’s stainless steel imports stood at around 408,000 tonnes (t) in Q1CY’26, down 9.4% y-o-y, while exports fell more sharply by 35.2% to approximately 795,000 t. As a result, net exports declined by nearly 50% to around 387,000 t, reflecting weaker overseas demand and slower trade activity.
March trade improves m-o-m
In March alone, imports reached 147,000 t, up 16.9% m-o-m, while exports rose 16.2% m-o-m to 302,000 t. However, March exports were still down 55.7% y-o-y, pulling net exports lower by 54.7% compared with the same month last year.
Scrap imports jump sharply
Stainless steel scrap imports rose by nearly 125% y-o-y to 14,100 t in March. In Q1CY’26, scrap imports totalled around 41,800 t, up 110.4% y-o-y, indicating a stronger preference for secondary raw materials amid volatile nickel prices and melt cost optimisation.
Outlook
China’s stainless steel exports may remain under pressure in the near term amid weak global demand and rising competition, while scrap imports are expected to stay firm as mills focus on cost-efficient raw material sourcing.
