China: Ferrous Scrap Imports Up Marginally in Nov’17

China world’s largest steel maker has witnessed marginal rise in its ferrous scrap imports in Nov’17.As per customs data, China has imported 0.18 MnT ferrous scrap in Nov’17 with the rise of 6% M-o-M against 0.17 MnT ferrous scrap imports in Oct’17.

However, on yearly premises, China has witnessed fall in ferrous scrap imports by 18% Y-o-Y in Nov’17 as the imports were at 0.22 MnT in Nov’16. Ferrous scrap imports were recorded at second highest in Nov’16 in CY16.

During Jan-Nov’17, the country has imported 2.10 MnT ferrous scrap which has shown 12% growth Y-o-Y against 1.88 MnT ferrous scrap imports during the same time frame of CY16.

Increasing consumption and demand of domestic scrap in China could have resulted in reduced import volumes in Nov’17 compared to imports in Nov’16. Recently leading steel producers in China have lifted domestic scrap purchase prices sharply and started buying scrap aggressively in order to restock amid tightened supply in the winter season.

Japan remained largest supplier of ferrous scrap to China –

Japan continued to supply the highest share occupying almost 89% of total ferrous scrap imports in China in Nov’17. Japan exported 0.16 MnT ferrous scrap in Nov’17 to China up 7% M-o-M against 0.15 MnT volumes exported in Oct’17. South Korea exported 0.01 MnT ferrous scrap to China in Nov’17.

During Jan-Nov’17, ferrous scrap exports from Japan summed to 1.63 MnT comprising 78% share of total ferrous scrap imports in China.

United States witnessed rise in scrap exports by more than four folds to China with 0.22 MnT ferrous scrap exports during Jan-Nov’17 which was at 0.05 MnT in same time frame last year. South Korea remained third largest exporter to China and it has supplied 0.07 MnT ferrous scrap during Jan-Nov’17.

Country-wise China ferrous scrap imports –

Quantity In MnT,
Source: SteelMint Stats