June ABS Imports Declined by 2.19% M-O-M
Preface: China’s ABS output declined and the price stabilized after declines. Thus, some traders and downstream users replenished stocks in stages. China’s imports of ABS in June did not fall much M-O-M, reversing the broad decline in imports from March to April.
The import volume of ABS was 77.2kt in June, down 2.19% M-O-M and down 24.91% Y-O-Y. The average import price was $1,462.61/mt in June. The total import volume from January to June 2023 was 528kt, down 27.83% Y-O-Y. The monthly import volume went down due to the impact of ample China-origin resources and exchange rate changes.
Imports from South Korea accounted for a higher proportion
In June, China’s imports of ABS from South Korea accounted for the largest proportion, at about 25.8kt, accounting for 33% of the total imports. Imports from Taiwan of China ranked third, at about 23.7kt, accounting for 31% of the total imports. Imports from Malaysia were 13.8kt, ranking fourth and accounting for 18% of the total imports.
Export volume continued to go up
The export volume of ABS was 12.1kt in June. The average export price was $1,876.18/mt in June. The total export volume from January to June 2023 was 57.3kt, up 45.03% Y-O-Y. China’s domestic competition pressure was high, so producers actively looked for export channels. As a result, exports of ABS increased M-O-M and Y-O-Y.
July imports seem hard to increase notably amid the ample supply in China’s domestic market
Overall, in June, due to the decline in the supply of China-origin resources and low inventories of buyers, the decline in ABS imports has narrowed, but the high cost of imported goods may still limit the purchase of users. In July, the total import volume is estimated at 75-78kt, and the export volume may be around 10kt. China’s domestic ABS producers effectively develop demand in Southeast Asia and other places, so the upward trend of exports is expected to continue.
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