May China ABS Import Volume Continued the Downtrend M-O-M
In May 2022, China’s import volume of ABS fell to a 4-year record low. The spot price of imported ABS declined, so market participants held a growing risk-avoiding sentiment, which was the main reason for the declined import volume. In May, China’s import volume of ABS was 125.7kt, down 3.86% M-O-M and 6.08% Y-O-Y. The average import price was $1,989.63/mt. The total import volume in the first 5 months of 2022 decreased by 15.82% Y-O-Y.
In May 2022, China imported 50.0kt ABS from Taiwan Province, accounting for 40% of the total import volume and ranking first. That from South Korea ranked second at 37.4kt, taking up 30% of the total. The third was Malaysia of 14.7kt, accounting for 12% of the total. The top 5 of China’s ABS exporters (Taiwan Province, South Korea, Malaysia, Thailand and Japan) took up 91% of the total imported ABS.
In May 2022, 62.8kt of ABS was imported by China via the general trade, taking up the largest proposition of 50% of the total, down 4% M-O-M. 46.4kt of ABS was imported via processing trade with imported materials, ranking second and taking up 367 of the total. 6.4kt of ABS was imported via logistics goods in areas under special customs supervision, taking up 5% of the total and ranking third. The top 3 trade modes accounted for 92% of the total.
In May 2022, 67.9kt of ABS was imported to Guangdong, taking up 54% of the total and ranking first. It was followed by Zhejiang (22.1kt, 17%) and Jiangsu (7.7kt, 6%). The top 5 provinces (Guangdong, Zhejiang, Jiangsu, Shanghai and Shandong) took up 89% of the total.
In May 2022, China’s export volume of ABS was 8.3kt, up 36.68% M-O-M while down 23.70% Y-O-Y. The average export price was $2,876.26/mt. The total export volume in the first 5 months of 2022 decreased by 19.49% Y-O-Y.
As the ABS imported price fluctuated downwards from May to June, spot purchases were weak and sellers cut their prices to promote sales, while the transactions were limited. In June, it’s heard that several Asian producers lowered their sales targets. It’s estimated that China’s ABS import volume in June will stay at a low level of around 110-130kt.
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