China: Ferrous scrap imports fall by over 15% in CY'22

China's ferrous scrap imports stood at 423,045 tonnes (t) in 2022 compared to 501,992 t in 2021, down 16 % y-o-y, as per SteelMint data.

Chinese mills began sourcing ferrous scrap from destinations other than the key exporters and a major volume was imported from the UK, particularly over the last couple of months.

The import volume of ferrous scrap remained high amid anticipation of a surge in demand before the construction season after June till November 2022.

Country-wise shipments-

• Imports from Japan fall: Japan exported 253,032 t of scrap to China in 2022, down 29% as against 355,765 t in CY'21, and import volumes in December were also down by over 5% y-o-y at 13,676 t as against 14,429 t in December 2021. Similarly, imports fell by 46% m-o-m from 25,279 t in the previous month.
  
  
• Imports from South Korea decrease: Chinese mills imported a total of 43,024 t of ferrous scrap from South Korea in 2022, a decrease of 54% compared to 94,514 t in 2021. Import volumes fell by 33% m-o-m at 2,996 t in December compared to 4,493 t in November.
  
  
• UK raises exports towards year-end: Imports from the UK surged towards the end of 2022. In October, the UK shipped 67% of total ferrous scrap imports into China at 51,067 t, while the UK's share was 57% at 44,395 t in November.
  
  

Imported Japanese H2 scrap prices: As per SteelMint assessment, Japanese H2 scrap prices to China stood at $374/t CIF in December as against $360/t during November, a rise of 14/t m-o-m.