GACC: China Jan-Apr ferrous scrap imports slump 56% YoY
The weaker demand from Chinese steelmakers remained the main drag on the country's scrap imports, Mysteel Global noted. Both blast furnace (BF) and electric-arc-furnace (EAF) steel producers were relatively cautious regarding production during the period as steel demand among end-users was dull, Mysteel's survey showed.
On the other hand, the fact that overseas scrap materials were more expensive than domestically-produced scrap still dissuaded domestic traders from purchasing large quantities in international markets, Mysteel Global learned.
For example, by April 30, the price of HS scrap from Japan, the foremost ferrous scrap exporter to China, was assessed by Mysteel at $381/tonne excluding the 13% VAT, higher by some $28.5/t than the spot transaction price for 6-8 mm common carbon steel scrap in East China's Jiangsu on the same day.
For April alone, China's total imports of ferrous scrap stood at 26,304 tonnes, lower by a large 59.1% on year, while imports from Japan plunged by 50.9% on year to 14,951 tonnes, accounting for some 56.8% of the total volume, GACC data showed.
However, compared with March, the country's total ferrous scrap imports increased by 8.5% on month in April (with the volume from Japan rising 14% as well), thanks to the improved profit margins that encouraged domestic BF steelmakers to lift production last month, Mysteel Global noted.
By the end of April, the average capacity utilization rate of the 247 BF steel mills under Mysteel's tracking was 86.24%, higher by 3.48 percentage points from end-March.
Written by Anthea Shi, shihui@mysteel.com
Edited by Russ McCulloch, russ.mcculloch@mysteel.com
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