China’s scrap imports fall with higher overseas prices
July 24, 2021
China’s ferrous scrap imports slipped in June as demand dropped in response to falling domestic steel prices in May. Japan and South Korean still remained the two main suppliers, although both fell significantly from the previous month. Suppliers allocated more volumes to their domestic markets on firmer demand and higher prices. Chinese buyers’ appetite faded rapidly after domestic steel prices plummeted since mid-May because of the government’s efforts to rein in commodity prices. Squeezed profit margins prompted steel mills to be more cautious about raw material purchases.