Strong Performance in H1 2024
In the first half of 2024, China’s stainless steel exports performed well. Customs data shows that from January to June, the cumulative export volume was approximately 2.365 million tonnes, an increase of 326,000 tonnes or 16% year-on-year. Notably, exports to Southeast Asia showed strong performance, increasing by 169,000 tonnes or 46.7% year-on-year. Exports to the EU and Middle Eastern markets also saw significant growth, up by 50% and 17.4% year-on-year, respectively.
Renewed Trade Investigations
With the improvement in China’s stainless steel exports, overseas trade investigations have resurfaced. On June 28, Turkey announced an anti-dumping investigation on China’s stainless steel cold-rolled products. It is reported that from January to June 2024, China exported approximately 149,000 tonnes of stainless steel cold-rolled products to Turkey, an increase of 52,600 tonnes or 54.6% year-on-year. The significant increase in volume has caught the attention of local stainless steel companies, prompting calls for trade policy measures.
Related Trade Policies in H1 2024
According to incomplete statistics from Chengjiu, in the first half of 2024, there were approximately 12 anti-dumping and countervailing investigations or rulings initiated by foreign countries on Chinese stainless steel products and stainless steel goods. The involved products include cold-rolled stainless steel coils, cold-rolled seamless stainless steel pipes, welded stainless steel pipes, hot-rolled stainless steel sheets and coils, stainless steel flanges, stainless steel sinks, stainless steel containers, and stainless steel tableware. Details are as follows:
| Date | Country/Region/Organization | Product Category | Investigation Content | Tax Rate | HS Codes |
| May 2 | Saudi Arabia | Longitudinal Welded Round Pipes | Anti-dumping Investigation | – | 730611, 730621, 730640, 730650 |
| May 17 | South Korea | Stainless Steel Sheets (≤8mm) | First Sunset Review | 23.69% – 25.82% | Various codes starting with 7219, 7220 |
| June 28 | Turkey | Cold-rolled Stainless Steel | Anti-dumping Investigation | – | Various codes starting with 7219, 7220 |
| January 26 | Eurasian Economic Union | Cold-rolled Seamless Stainless Steel Pipes | Anti-dumping Tax Extended Until March 5, 2024 | 19.15% | 7304 41 000 5, 7304 41 000 8 |
| March 29 | United States | Stainless Steel Flanges | Preliminary Anti-dumping and Countervailing Duty Review | Anti-dumping: 257.11%, Countervailing: 174.73% | 7307.21.1000, 7307.21.5000 |
| May 27 | Brazil | 200-series and 410 Stainless Steel Cold-rolled Sheets | Anti-dumping Duty Expansion | $629.44/ton | 7219.32.00, 7219.33.00, 7219.34.00, 7219.35.00, 7220.20.90 |
| May 31 | European Union | Seamless Stainless Steel Pipes | Second Sunset Review | 48.6% – 71.9% | Various codes starting with 7304 |
| June 15 | India | Welded Stainless Steel Pipes | First Sunset Review of Countervailing Duty | CIF 29.88% | Various codes starting with 7306, 7304 |
| February 7 | United States | Drawn Stainless Steel Sinks | Anti-dumping and Countervailing Duty Review | Anti-dumping: 1.65% – 76.45%, Countervailing: 4.8% – 12.26% | 7324.10.0000, 7324.10.0010 |
| April 12 | Argentina | Stainless Steel Vacuum Bottles (≤2.5L) | Fourth Sunset Review Investigation | FOB Minimum Price: $4.82/piece | 9617.00.10 |
| June 4 | Argentina | Stainless Steel Cutlery (Wood or Plastic Handles) | Sunset Review Final Determination | 48.00% | 8211.10.00, 8211.91.00, 8215.20.00, 8215.99.10 |
| June 25 | Australia | Drawn Stainless Steel Sinks | Anti-dumping Review Investigation | – | 7324.10.00.52 |
Mixed Impact of High Export Volumes
The high export volumes of stainless steel have had mixed impacts on China’s domestic stainless steel industry. On one hand, stainless steel exports have alleviated the pressure of domestic oversupply. On the other hand, there has been a dilemma of “increased volume but decreased prices.” Customs data shows that in the first half of 2024, the total export value of stainless steel was 33 billion yuan, a decrease of 10 billion yuan or 23.3% year-on-year. This has further squeezed the production profits of domestic stainless steel companies.
The impact of strikes in the EU in the first half of the year caused supply shortages. As EU stainless steel production recovers, demand is expected to decline, especially due to the summer vacation in July and August. However, construction and infrastructure projects in Southeast Asia, the Middle East, and other regions continue to expand, maintaining high demand for stainless steel. Given China’s competitive pricing advantage, domestic stainless steel exports are expected to remain strong in the second half of the year, continuing the year-on-year positive trend.