According to statistics from the General Administration of Customs of China (GACC), China's stainless steel imports totaled around 284,000 tons in October, hiking by 22.8% compared to the preceding month while falling by 8.6% from the year-ago level. The figure hit a new high for this year.

The month-on-month increase was mainly due to the growth in imports from Indonesia, which exported nearly 251,000 tons of stainless steel to China in China, up by 24% from September.

However, due to weak demand from foreign countries, China's stainless steel exports slid by 1.9% month on month to 336,500 tons in October, with a year-on-year increase of 13.8%.

In the first ten months of this year, China's stainless steel imports dropped by 39.4% to 1.7 million tons, and exports fell by 8.4% to 3.4 million tons, both compared to the prior-year level.