Since 2020, the GACC has combined January and February data to align with the National Bureau of Statistics, as the Chinese New Year holiday often disrupts regular data collection and reporting.
The sharp rise in exports was primarily driven by a rush-to-export sentiment, spurred by increasing global protectionism. Concerns over potential tariff hikes under U.S. President Trump continued to weigh heavily on domestic steel traders, including those involved in stainless steel exports, Mysteel Global reported.
The market nervousness was largely attributed to traders' fears of potential U.S. tariffs, which could disrupt the shipment of Chinese steel products, including stainless steel. These concerns were heightened by the uncertainty surrounding U.S. trade policies under the Trump administration, market insiders emphasized.
In January alone, China's stainless steel exports reached 480,100 tonnes, marking a 15.1% year-on-year increase and a 3.1% rise from December, according to the GACC data.
However, analysts warn that the surging export volumes are leading to increased trade friction. In the past three months, countries and regions such as South Korea, Taiwan, and Peru have launched investigations into Chinese stainless steel products, including plates, flat-rolled coils, and washing tanks, according to the website of China Trade Remedies Information under the Ministry of Commerce.
In February, China's stainless steel exports reached 275,200 tonnes, a three-month high and marking a 6.6% year-on-year increase. However, on a month-on-month basis, exports had dropped by 42.7%, primarily due to disruptions in trade and logistics around the Chinese New Year holiday (January 28-February 4).
On the import side, China brought in approximately 433,400 tonnes of stainless steel during January-February, representing a 29.3% decrease from the same period last year. This decline was largely due to a significant drop in hot-rolled coil imports, which fell by 24.8% compared to the first two months of 2024, according to the GACC data.
China's imports of stainless steel from Indonesia – where several Chinese-invested stainless ventures operate – totalled 275,000 tonnes in January-February, down 33.1% year-on-year, the GACC's data show.