The Chinese government's decision to implement a 30-day suspension
on the inspection operations of the Chinese Certification and Inspection Group (CCIC) North America division has disrupted the global scrap trade
and shocked recyclers around the world.
“This is the most impactful thing that has ever happened to our industry. It is even worse than the 2008 crash because at least that event was somewhat of a slow creeping event. This however has happened in such a short window, out of the blue and specifically targeted at the scrap industry,” one exporter said.
CCIC’s operations in the United States, as well as in Mexico, will be curtailed from Friday May 4 through June 4. During this period, CCIC North America will no longer perform the pre-shipment inspections of material bound for China or issue the final certificate required to clear customs.
The government has also cracked down on Canada, warning...