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,...