China's stainless steel scrap imports decreased by 61% in August

According to data from the General Administration of Customs of China, China's stainless steel scrap imports reached approximately 7,100 tons in August, representing a 33% increase from the previous month but a 61% decrease compared to the same period last year.

Japan remained the largest supplier, exporting around 37,000 tons of stainless steel scrap. This marked a 50% increase from July but a 66% decline y-o-y. The m-o-m rise in imports aligns with the increase in China's stainless steel production in August.

In the January-August 2024 period, China imported approximately 67,300 tons of stainless steel scrap, reflecting a 70% decrease compared to the same period last year.

With China’s National Day approaching, steel mills may have some restocking needs. Industry experts say procurement prices are likely to change based on inventory levels. Scrap market prices are expected to fluctuate slightly this week.