China’s scrap imports drop 20% in Feb’23, billet imports surge

China’s ferrous scrap imports increased by 87% y-o-y in Jan-Feb’23, reaching 45,644 t compared to 24,416 t in the year-ago period. However, imports dropped 21% in Feb to 20,106 t compared to 25,538 t in Jan. Meanwhile, China’s billet imports rose by an astonishing 878% m-o-m in Feb to 373,098 t compared to 38,134 t in Jan. This indicates the interest of Chinese buyers in sourcing billets amid decline in scrap imports.