China’s May steel scrap imports soar 50% on month

China’s steel scrap imports surged by 50.5% on month to 114,741 tonnes for May alone, according to the country’s General Administration of Customs (GACC), mainly due to the growing enthusiasm from the domestic steel mills and traders on robust domestic demand and successful experience in clearing the earlier trial shipments since the country’s re-opening of the imports on January 1.

The monthly volume for May was not far from the 131,330 tonnes for the first four months of 2021, the volume for January-May, thus, added up to 246,071 tonnes, or far more than the 7,394 tonnes a year ago when such imports were controlled via quotas and licensing, Mysteel Global noted from the