China books raft of Japanese steel scrap after import window reopens

Chinese steelmakers have wasted no time in booking ferrous scrap from abroad following a change in the country’s import rules for the steelmaking raw material, with purchases of several cargoes from Japan agreed in the last few days.

A notice released by the Chinese Ministry of Ecology & Environment late on December 31 formally confirmed the relaxation of steel scrap import regulations for material arriving in China.
A deal involving 3,000 tonnes of Japan-origin heavy scrap in bulk was agreed between Ouyeel, a subsidiary of Baowu Steel, and Japanese trader Mitsui & Co last Friday January 1, according to an official statement from Ouyeel. The vessel will discharge at a Shanghai port.
Ouyeel did not release any price information but the deal is believed to have been negotiated in December.

Market sources said the cargo was made up of higher-grade plate and structural (P&S) scrap,...

Published

Lee Allen

Paul Lim

January 04, 2021

10:13 GMT

Singapore