China's July steel scrap imports fall 12.4% MoM

China's total imports of ferrous scrap dropped for a third month in July, falling by a significant 12.4% from June to 31,758 tonnes, according to the country's General Administration of Customs (GACC). The substantial spread between the prices of domestic and imported steel scrap discouraged Chinese users from buying scrap from overseas, Mysteel Global noted.

Among the total, imports from Japan, China's top steel scrap supplier, also fell by a marked 13.6% on month to 17,175 tonnes in July, with the volume accounting for around 54.1% of the country's total scrap imports, the data showed. "The cost effectiveness of imported materials remained weak for Chinese