Sep 2024 ABS Import Volume Declines MOM
As some users replenished stocks in advance and anti-risk sentiment grew amid the expected supply increase, the import volume in September dropped MOM and YOY. With the competitive pressure rising, the pressure of import source negotiation appeared.
The import volume was 85.2kt in September 2024, down 7.28% MOM and down 7.98% YOY. The average import price was $1,495.99/mt. The cumulative import volume was 757.3kt, down 6.14% YOY.
In September 2024, China’s import volume of ABS from Taiwan of China was 31.5kt, accounting for the largest proportion of 36.96%, up 6.62 percentage points from last month. The import volume from South Korea was 19.5kt, accounting for 22.93% of the total imports. That from Malaysia was about 18.8kt, taking up 22.04% of the total imports. The top five import origins were Taiwan of China, South Korea, Malaysia, Thailand and Japan.
In September 2024, China exported approximately 17.9kt of ABS, with an average export price of $1,732.24/mt. Affected by cooling demand in Southeast Asia, China’s ABS export volume declined by 16.44% MOM. The cumulative export volume was 153.4kt, up 53.46% YOY.
In October, China’s ABS output may increase MOM. Although demand is resilient, the import volume may decline slightly to 82-89kt, given the growing anti-risk sentiment caused by the rising domestic supply. Due to the seasonal factors, demand in Southeast Asia and other regions may weaken, so it will be difficult for the export market to recover next month. The export volume in October is estimated at 15-20kt.
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