China SBL Import and Export Ramp Up in Oct
In October 2023, the import volume and export volume of SBL in China leveled up M-O-M. As for import volume, according to SCI, in October 2023, the import volume of SBL in China reached 9,601.4mt, down 18.54% M-O-M but up 46.58% Y-O-Y. From January to October 2023, the total import volume of SBL was around 80,379.62mt, down 7.0% M-O-M and 8.88% Y-O-Y. In October, the import volume of SBL ratcheted up M-O-M. On the one hand, China’s downstream users were willing to take orders due to rigid demand. On the other hand, the import price was lower than China’s domestic price.
As seen from import origin, the import volume of SBL from South Korea, Japan and Germany ranked in the top 3. Therein, the SBL import volume from South Korea ranked first at 4,781.36mt with 49.80% of import shares, up 61.13% M-O-M and 144.94% Y-O-Y. That from Japan ranked second at 2,587.86mt with 26.95% of import shares, up 71.91% M-O-M but down 6.21% Y-O-Y. That from Germany ranked third at 1,049.98mt with 20.62% of import shares, down 37.14% M-O-M and 11.01% Y-O-Y.
In terms of exports, in October 2023, the export volume of SBL in China reached 4,767.85mt, up 33.43% M-O-M and 107.40% Y-O-Y. From January to October 2023, the total SBL import volume was 38,498.56mt, up 76.69% Y-O-Y. On the one hand, at present, China’s SBL supply was sufficient, and exports expanded sales channels for the SBL market. On the other hand, prices in some overseas regions were slightly higher than those in China’s market, driving up domestic producers’ enthusiasm for export arbitrage.
In terms of export destination, the export volume to Vietnam ranked first at 2,232.73mt with 46.83% export shares, up 82.91% M-O-M and 113.18% Y-O-Y. That to Russia ranked second at 694.06mt with 14.56% export shares, up 5.16% M-O-M and 134.48% Y-O-Y. That to South Korea ranked third at 523.68mt, down 11.98% M-O-M but up 163.67% Y-O-Y.
SCI forecast: In terms of imports, imported SBL resources mainly refer to those with high solid content. As seen from the demand, in November, the operating rate of downstream sectors may hardly improve. It is estimated that the SBL import volume in November may see a limited increment from October. In terms of exports, there will be new SBL units kicking off, so the spot supply of SBL is likely to climb. Overseas demand may change slightly. SCI reckons that China’s SBL export volume in November may inch down M-O-M.
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