China's steel scrap imports slumped for the third straight month in October, plummeting by another 51.8% from September to 11,878 tonnes, according to new data from the General Administration of Customs (GACC). Behind the continuing decline was the lukewarm demand for foreign scrap among Chinese steelmakers given the sluggishness of the domestic steel market.
Last month, China's steel scrap imports from Japan, the country's largest steel scrap supplier, fell by a similarly large 59.5% from September to 6,156 tonnes. Japanese scrap nonetheless accounted for 52% of the total import volume.
The overall weak demand from end-users in winter and domestic steel price slumps in China's