Sep IIR Import Volume Rises MOM
Introduction: In September 2024, the import volume of regular IIR in China experienced a MOM increase and YOY decrease, and that of HIIR showed a MOM and YOY increase.
According to data released by GACC, the total import volume of regular IIR was 18,809.02mt, showing a 29.05% MOM increase. The import volume of regular IIR was 6,148.4mt, up 22.75% MOM but down 22.26% YOY. That of HIIR was 12,660.62mt, up 32.34% MOM and 33.49% YOY.
In September, the top three import trading partners of regular IIR were Russia, Singapore, and Canada. Among them, Russia ranked first, with an import volume of 4,356.72mt, an increase of 54.45% MOM yet a decrease of 29.33% YOY, accounting for 70.86% of the total imports. Followed by Singapore, imports were 529.89mt, a decrease of 7.86% MOM, yet an increase of 28.61% YOY, accounting for 8.62% of the total imports. Canada ranked third with 392.94 mt, or 6.39% of the total.
In September, the top three import trading partners of HIIR were Russia, Saudi Arabia, and the U.S. Among them, Russia ranked first, with imports of 4,156.74mt, an increase of 106.85% MOM yet a YOY decline of 8.5%, accounting for 32.83% of total imports. Followed by Saudi Arabia, imports were 3,192.19mt, an increase of 8.17% MOM and an increase of 28.16% YOY, accounting for 25.21% of the total imports. The U.S. ranked third with imports of 2,119.97mt, an increase of 129.71% MOM and 208.19% YOY, accounting for 16.74% of the total imports.
In terms of trade modes, in September 2024, logistics goods in areas under special customs supervision accounted for the majority of imports for regular IIR, with an import volume of 3,889.6mt, a MOM increase of 9.1%, and 38.01% lower than the same period last year, accounting for 63.26% of the total imports. Followed by general trade, imports were 2,093.06mt, up 67.39% MOM and 72.12% YOY, accounting for 34.04% of total imports. The import volume via processing trade with imported materials ranked third, with imports of 165.74mt, up 33.06% MOM, down 60.36% YOY, accounting for 2.7% of total imports.
In September 2024, processing trade with imported materials was the top trade mode of imports for HIIR, with an import volume of 4,700.21mt, an increase of 49.36% from the previous month, and 203.5% higher than the same period last year, accounting for 37.12% of the total imports. Followed by logistics goods in areas under special customs supervision, imports were 4,664.18mt, up 33.07% MOM yet down 8.38% YOY, accounting for 36.84% of total imports. The general trade ranked third, with imports of 2,813.4mt, up 14.18% MOM and 20.48% YOY, accounting for 22.22% of total imports.
Looking ahead to October and November, it is expected that import IIR resources may supplement the supply with some overseas units resuming production. However, downstream demand may hardly have significant improvements, and end users mainly buy on rigid demand, so the lukewarm demand may restrict the import of IIR. It is predicted that the import of IIR in China may show an increasing trend, with limited growth.
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