China’s recycled steel raw materials, or ferrous scrap, import volumes in Jul’21 witnessed a 16% rise on an month-on-month (m-o-m) basis. Scrap imports into China rose on robust steel demand from domestic steel mills, SteelMint notes.
The world’s leading steel producer imported 88,218 t of recycled steel raw materials in Jul’21 a sharp rise of 16% m-o-m as compared to 76,336 t last month, SteelMint learnt.
However, on a year-on-year (y-o-y) basis, import volumes in Jul’21 surged significantly as against 2,660 t in Jul’20.
Imports from South Korea and Taiwan move up
Japan continued to be the largest scrap supplier to China in Jul’21 at 66,096 t, against 61,085 t Jun’21.
Noticeably, import volumes from South Korea and Taiwan have gone up. South Korea was the second-largest importer, also up by almost 50% m-o-m at 14,464 t in Jul’21 against 9,713 t in Jun’21 followed by Taiwan at 3,590 t respectively.
Offers for Japanese HRS 101-grade ferrous scrap declined to $560/t CFR China in Jun’21 from $580/t CFR China in May’21, according to SteelMint data.
However, bid-offer disparities kept fresh bookings away and mills in turn turned active in booking scrap from South Korea and Taiwan, SteelMint understands.
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