GACC: China's Jan-Sept ferrous scrap imports rise 6.5% YoY

The increase in overall imports was attributed to September's surge in imports which leaped by 47.1% from August and by 108.9% on year to reach 27,541 tonnes, the GACC data showed.

Of all scrap items, stainless steel scrap showed the most significant import growth last month, with the quantity leaping 52% from August and skyrocketing 179.3% on year to reach a 19-month high of 14,288 tonnes and accounting for 51.9% of China's total ferrous scrap imports.

The surge in stainless scrap was driven by strong demand for raw materials from domestic stainless producers, as Mysteel Global reported.

In contrast, China's imports of common carbon steel scrap continued to hover at a low level, the GACC data show, due to the wide price gap between scrap materials in domestic and overseas markets.

During September, the import price of HS grade scrap from Japan, the largest steel scrap supplier to China, averaged $345.8/tonne, higher by some $54/t compared with the average spot transaction price of 6-8mm common carbon steel scrap in East China's Jiangsu province over the same month, according to Mysteel's assessment.

Last month, China's ferrous scrap imports from Japan jumped 33% on month and soared 205% on year to reach 13,203 tonnes, accounting for 47.9% of the total imports, the GACC data showed.

During the first nine months of this year, China's total scrap imports from Japan totalled 112,956 tonnes, higher by 6.1% compared with the same period last year, according to the GACC statistics.

Written by Anthea Shi, shihui@mysteel.com

Edited by Russ McCulloch, russ.mcculloch@mysteel.com