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<< Back China’s scrap export soared in the first half of 2017.
2017-08-07

China’s scrap export soared in the first half of 2017. According to the customs data, China exported 80,300 tons in May, 5.3 times the amount in April (15,000 tons), and 96,400 tons in total from Jan to May. De-capacity including shut-down of 80% medium frequency furnaces results in sharp fall in domestic scrap demand, mainly explaining for the surge in scrap export. Although a 40% tariff is imposed on scrap export, it is still profitable for some scrap varieties. Benefitting from the increasing profitability, steel mills are more in favor of purchasing scraps. De-capacity of over 120 mnt contributed to mill’s willingness to produce, increasing scrap consumption. The use of scrap in integrated mills has risen to 15%-20% and in some EAF mills the ratio is up to 70%-80%. We believe with the resumption of more EAF mills’ production, China's demand for scrap will rebound.
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