MEIS2020: China’s next move on steel scrap imports will move global markets, Turkey panelists say

China resuming steel scrap imports in 2021 will directly affect global steel markets because of supply shortages, speakers on the Turkey panel at Fastmarkets’ recent Middle East Iron and Steel virtual conference said.

China will end the ban on imports of ferrous scrap on January 1 after it reclassified certain qualities steelmaking raw materials under the new regulations. 
On December 23, China’s Ministry of Finance also announced the country will remove its 2% import tax rate on ferrous scrap and revive its most-favored-nation duty rate system from January 1.
Görkem Bolaca, managing director at international trading firm Galex Steel International, expects China to start importing about 15-20 million tonnes of scrap in 2021.

Turkey imported 18,856,851 tonnes of steel scrap in 2019, according to the Turkish Statistical Institute (TUIK). This figure made Turkey the...

Published

Serife Durmus

December 23, 2020

10:47 GMT

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