China: Ferrous scrap imports increase by 10% in Apr'22

China, the leading ferrous scrap buyer, imported 20,386 tonnes (t) of the material in April 2022, an increase of 10% m-o-m compared to 18,615 t in the preceding month, as per SteelMint customs data.

However, ferrous scrap imports fell considerably by 71% y-o-y in April 2022 compared to 71,433 t in the corresponding month last year.

Japan retained its position as the leading ferrous scrap exporter to China with almost 68% export share, followed by South Korea with 20% share.

China scrap imports highlights-

• Imports from Japan climb: Chinese mills actively imported 16,162 t of scrap from Japan in April, a rise of 38% as against 11,738 t seen in March.
  
  

However, imports fell by 69% against 51,299 t in the same month last year.

• Imports from South Korea drop: South Korean mills exported a total of 2,797 t of ferrous scrap to China for April shipments, a sharp fall of 35% as compared to 4,328 t in March.
  
  

Similarly, on a yearly basis too, imports plunged by 82% from 15,705 t in April 2021.

Outlook
It is expected that relatively stronger steel prices in April will encourage Chinese mills to procure more ferrous scrap in order to maintain the normal production level.