According to customs statistics, China's stainless steel exports dropped to around 436,000 tons in May, a month-on-month drop of 2.6% and a year-on-year decrease of 4.7%, due to new US tariffs and significant quota reductions by the EU. However, total exports in the first five months of this year amounted to 2.11 million tons, hiking by 10.4% year on year.

In the January-May period, exports to Vietnam reached 215,600 tons, rising by 28.2% year on year, probably due to Vietnam's removal of anti-dumping duties on Chinese cold-rolled stainless steel in November 2024.

Nevertheless, there were reduced shipments to South Korea and Vietnam in May, dropping by 27% and 14% month on month, respectively. Exports to Turkey and Singapore had month-on-month increases of 28% and 72%, respectively.

Analysts expect continued weakness in June's export figures due to ongoing trade protectionism.