Chinese steel scrap consumption grows by 5% in CY’20

China’s total scrap consumption was recorded at 230 mn t, up by 4.73% y-o-y in CY’20, according to recent data released by CISA. On the other hand, steel scrap supply in China has grown by 4.5% y-o-y and stood at 270 mn t .Earlier this year, China had lifted the restriction on imports of few grades of ferrous scrap with motive of tapping the scrap resources and it may lower the country’s dependence on iron ore imports.