China’s ferrous scrap imports stood at 52,368 tonnes (t) in August 2022, compared to 43,427 t in July, an increase of 21% m-o-m.
Chinese mills were relieved after the relaxation in regulations that had limited ferrous scrap imports into the country. This helped in improving the import volume during the month.
Similarly, ferrous scrap imports increased by 29% y-o-y in August compared to 40,540 t in August 2021, as per SteelMint data.
Country-wise breakup
- Imports from Japan up: Mills in China imported 44,129 t of scrap from Japan in August, an increase of 26% as against 35,122 t in July. Japan’s share is 76% of the total ferrous scrap imports.
Imports from Japan increased by 54% y-o-y against 28,722 t in the same month last year.
- Imports from South Korea down m-o-m: South Korean mills exported a total of 3,685 t of ferrous scrap in August, a decline of 34% compared to 5,556 t in July.
Similarly, imports from the country were down by 35% from 5,637 t in August 2021.
Japanese H2 prices: As per SteelMint’s assessment, Japanese H2 scrap prices to China stood at $418/t CIF China in July 2022 as against $470/t in June 2022, a fall of $52/t, CIF China over a month.
Outlook
Chinese mills might increase their procurement of ferrous scrap during autumn because demand for construction steel will increase.
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