Nov EPDM Imports Rise, While Spot Circulation Remains Tight
Introduction: From January to November 2024, China’s total EPDM import volume rose by 5.03% YoY. The import volume from South Korea increased significantly YoY. Affected by the operating rate cutbacks and unit maintenance, the arrivals of goods from Saudi Arabia decreased notably YoY.
Imports
According to data released by GACC, the EPDM import volume reached 16,446.29mt in November, up 22.47% YoY. The average import price was $2,278.33/mt, up 8.47% YoY. The total import volume from Jan-Nov 2024 was 148,723.32mt, up 5.03% YoY. In November, the increase in imports mainly came from South Korea, Russia, Saudi Arabia, and Japan.
In terms of trading partners, South Korea accounted for the largest proportion of China’s imports of EPDM in November 2024, accounting for 47.99% of the total import volume, about 7,893.05mt. The second was Saudi Arabia, accounting for around 36.88% of the total imports with an import volume of 6,064.69mt. The import volume from Japan was 1,164.67mt, accounting for 7.08% of the total import volume. Domestic demand remained flat to up, and the spot supply in the market was tight. Coupled with the price increase trend of EPDM, more import producers enhanced their exports of goods to China. In South Korea, the two producers maintained stable operations and increased their shipments to China to varying degrees. Regarding Saudi Arabia, the arrivals in November were basically the same as those of the previous month, and there was a concentrated arrival at the end of the month.
In terms of import trade mode, general trade still ranked first, accounting for 80.50% of the total with about 13,238.85mt of EPDM imported via this mode, which increased by 25.90% YoY. The import volume via logistics goods in areas under special customs supervision was 2,649.99mt, accounting for 16.11% of the total. This part involves the transfer of goods from bonded areas to domestic circulation. The domestic demand had a slight decrease in November, yet the circulation of spot goods in the market was limited. Besides fulfilling the previous orders, sellers have insufficient available goods for sale.
Exports
According to the data released by GACC, China exported 2,774.63mt of EPDM in November 2024, down 19.63% YoY. In November, China’s EPDM exports amounted to 6,657,594 US dollars, with an average export price of $2,399.45/mt, up 8.84% YoY. From January to November 2024, China exported a total of 32,171.71mt of EPDM, up 4.40% YoY. In November, the main export destinations were Russia, South Korea, and the Netherlands, accounting for 52.3% of China’s total EPDM exports. Affected by geopolitics, European countries saw their imports of goods from other countries blocked, resulting in an increased demand for Chinese-made EPDM.
Overall, as of November, the arrivals of imported EPDM in China increased. Therein, the arrivals from South Korea witnessed a significant increase, which filled the supply shortage in China’s market to a large extent. Affected by the unit maintenance and the instability of shipping time, the imports from Saudi Arabia decreased YoY. Looking ahead to December, the domestic demand will not change much compared with that in November. Although downstream users stockpile before the Spring Festival, the impact of the Spring Festival holiday on consumption is also obvious. With the continuous price increase trend in China, it is expected that the import arrivals in December may remain stable MoM at a relatively high level.
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