China's ELV scrap supply poised for steady growth

The strong enthusiasm of Chinese consumers for upgrading their vehicles, particularly in trading in their internal combustion engine cars for electric vehicles, has led to a marked increase in the volume of ferrous scrap recycled from end-of-life vehicles (ELVs) during the past few months, the results of Mysteel's recent survey show. The findings also show that scrap supply from ELVs is likely to maintain steady growth for the rest of this year.

In October, a total of 44,500 ELVs were scrapped and shredded by the 85 domestic car scrapping and dismantling companies under Mysteel's tracking, representing a 6% increase from September and marking the third straight on-month increase. The generous subsidies provided by the central government under its vehicle trade-in program have