China: Ferrous scrap imports rise by 3% m-o-m in September

China's ferrous scrap imports stood at 54,006 tonnes (t) in September 2022 compared to 52,368 t in August, a marginal increase of 3% m-o-m.

Ferrous scrap import volumes increased as mills ramped up their scrap procurement as demand for construction steel rose.

Ferrous scrap imports increased by over 160% y-o-y in September compared to 20,479 t in September 2021, as per SteelMint data.

Country-wise breakup

• Imports from Japan increase: Chinese mills imported 48,129 t of scrap from Japan in September, a notable increase of 9% as against 44,129 t in August. Similarly, imports from Japan rose three-fold y-o-y as against 11,750 t in the same month last year.
  
  
• Imports from South Korea up m-o-m: The country exported a total of 3,985 t of ferrous scrap in September, an increase of 8% compared to 3,685 t in August.
  Similarly, imports from the country were up significantly by 84% from 2,170 t in September 2021.
  
  

Imported Japanese H2 prices: As per SteelMint's assessment, Japanese H2 scrap prices to China stood at $382/t CIF in August 2022 as against $419/t in July, a fall of $37/t over a month.

Outlook
Chinese mills will continue their procurement of ferrous scrap on seasonal demand which may result in a hike in Japanese H2 scrap prices in the coming days.