China's May ferrous scrap imports down 35.5% MoM

China's total imports of ferrous scrap recorded an on-month decrease of 35.5% to approximate 41,464 tonnes in May, according to the country's General Administration of Customs (GACC), reflecting Chinese buyers' cooling interest in overseas ferrous scrap cargoes.

In particular, the imports from its top steel scrap supplier Japan declined by a large 33.6% from April to reach 23,482 tonnes last month, with the volume accounting for around 56.6% of the country's total imports of the material, the data showed. "Actually, Chinese steelmakers' demand for steel scrap dropped