China lifts restriction on imports of steel scrap for fewer grades

On 31st Dec’20, the Ministry of industry and information technology jointly issued a notice to confirm the imports of recycled raw material for steelmaking with effect from 1st Jan’21. The five grades of scrap which can now be imported freely include those falling under HS codes 7204100010, 7204210010, 7204290010, 7204490030, 7204410010. This move is likely to boost Chinese ferrous scrap import volumes which may lower the country’s dependence on iron ore imports.