Chinese scrap imports during July plummeted 31% y-o-y

BEIJING (Scrap Monster) : According to the most recent data released by the Chinese customs, the scrap imports by the country witnessed a sharp decline during the month of July this year.

The Chinese scrap imports during July totaled 282,000 tons, which is 30.9% lower than the scrap imports by the country during same month a year ago. Imports from Japan accounted for more than 70% of the total scrap imports by China during the month. Out of 282,000 tons, Japanese scrap exports constituted 202,000 tons. However, the scrap imports from Japan in July have declined by 17.6% year-over-year.

The scrap imports by China from the US totaled 26,000 tons in July. The scrap imports from the US plunged by 60% over the year.

The cumulative scrap imports by China during the initial seven months of the year amounted to 2.842 million tons. The imports during the seven-month period have declined by 11.4% year-on-year.

The scrap import volumes by the country is expected to grow with China simplifying its procedures for import of scrap by no longer subjecting it to its Ministry of Commerce’s licensing requirements from September 1. The total scrap imports by China for the whole of 2013 are estimated to reach 4.87 million tons.