China's scrap changes bring challenges, MEC exec says

China's strict restrictions on scrap metal imports from the United States have posed significant challenges, according to an executive at Metal Exchange Corp (MEC), which recently announced it was targeting other markets in Asia for growth.

“The North American and European markets are having to deal with the change in China’s buying patterns, and it has certainly had a significant impact in the flow of material and then ultimately the pricing around that,” MEC president of trading Ben Evans told Fastmarkets AMM in a telephone interview on Tuesday March 19.

China implemented a 25% tariff on aluminium scrap shipments from the US in April of last year and added a 25% tariff on copper scrap and other non-ferrous scrap imports from the US in August. The Asian nation had also imposed aggressive restrictions on contaminants in scrap metal imports in January 2018.
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Published

Elizabeth Ramanand

March 20, 2019

19:07 GMT

New York