GACC: China's 2024 ferrous scrap imports tumble 53.5% YoY

China's import volume of ferrous scrap totalled 248,110 tonnes in 2024, lower by a substantial 284,923 tonnes or 53.5% compared with the previous year, according to the latest statistics from the country's General Administration of Customs (GACC).

The wide price gap between the scrap materials at home and from overseas remained the major impediment to China's imports, as many traders were reluctant to risk taking the high-priced imported scrap, which could incur quite losses for them, Mysteel Global noted. For example, the prices of HS scrap imported