This indicates a decline of 53.3% compared to the first two months of the previous year, with the primary reason cited as weak demand from local steel producers last month.
Data for February shows that China's scrap import fell to its lowest monthly level since November 2021, reaching 11,977 tons.
The fact that steel scrap in international markets remains more expensive compared to domestically collected and processed scrap continues to deter domestic traders from large-scale scrap purchases from abroad. For instance, the price of high-quality scrap from Japan, China's largest scrap exporter, still remains higher compared to spot transaction prices.
As of February 29, the price of high-quality scrap from Japan, excluding 13% VAT, was assessed at $378 per ton.
According to GACC data, China's scrap import from Japan experienced a significant year-on-year decrease of 79.2% last month, reaching only 5,507 tons. Imports from Japan during the January-February period constituted a significant portion of China's total commodity imports, accounting for approximately 56.2%.
These data indicate a continued decline in China's scrap import, underscoring the importance of considering demand and cost factors within the local steel industry in assessing import trends.
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