Jun China ABS Import Volume Hit a 10-Year Record Low
In June 2022, China’s import volume of ABS hit a 10-year record low compared with those in the same month of previous years. The total import volume was 102.9kt, down 18.16% M-O-M and 26.10% Y-O-Y. The average import price was $1,939.70/mt. The total import volume in the first 6 months of 2022 was 731.8kt, down by 17.44% Y-O-Y.
In June 2022, 51.1kt of ABS was imported by China via the general trade, taking up the largest proposition of 50% of the total. 36.9kt of ABS was imported via processing trade with imported materials, ranking second and taking up 36% of the total. 6.5kt of ABS was imported via logistics goods in areas under special customs supervision, taking up 6% of the total and ranking third. The top 3 trade modes accounted for 92% of the total.
In June 2022, 54.5kt of ABS was imported to Guangdong, taking up 53% of the total and ranking first. It was followed by Zhejiang (18.3kt, 18%) and Shanghai (7.5kt, 7%). The top 5 provinces (Guangdong, Zhejiang, Shanghai, Jiangsu and Shandong) took up 89% of the total.
In June 2022, China imported 39.2kt ABS from Taiwan of China, accounting for 38% of the total import volume and ranking first. That from South Korea ranked second at 28.9kt, taking up 28% of the total. The third was Malaysia of 14.0kt, accounting for 14% of the total. The top 5 of China’s ABS exporters (Taiwan of China, South Korea, Malaysia, Thailand and Japan) took up 91% of the total imported ABS.
In June 2022, China’s export volume of ABS was 9.1kt, up 9.35% M-O-M and 13.16% Y-O-Y. The average export price was $2,916.67/mt. The total export volume in the first 6 months of 2022 was 39.6kt, down by 13.80% Y-O-Y.
From June to July, the ABS USD price continued to fall. By the end of July, the mainstream offers in Hong Kong market was $1,510-1,580/mt, down $235-290/mt from the end of May. The falling prices curbed the purchases and led to a strong risk-avoiding sentiment. In H2 July, it’s heard that some negotiation prices of for August reached $1,400-1,450/mt (CIF China). Due to the bearish sentiment and mismatched demand, it’s estimated that the import volume of ABS in July may continue the downtrend and will be within the range of 90-105kt.
All information provided by SCI is for reference only, which shall not be reproduced without permission.
Please click "Read more" for the full article.
