Metal Biz quoted according to the statistics of Zhangjiagang Inspection and Quarantine Bureau, the imported scrap steel amounted to 3.35 million tonnes in January to November at Zhangjiagang port valued USD1.1 billion up by 598%YoY and 267%YoY respectively.

As per report, the explosive growth of imported scrap at Zhangjiagang attributed to three reasons.

1. Under the impact of international financial crisis, scrap steel
price dropped significantly in international market starting from H2 of
2008, straightly fell to USD 180 per tonne. Shagang, Fengli, POSCO and
other scrap importers seized the opportunity to dramatically place
orders and greatly import scrap steel from Japan, US, Hongkong and
other countries as well as regions which made the scrap steel import
surge at Zhangjiagang port.

2. Affected by China macro control policy, in order to stimulate
economic growth, domestic investment increased and infrastructure
construction demand improved, which spurred market vitality of steel
industry.

3. Sea freight continued to go down, which made steel enterprises’ demand in imported scrap and iron ore increase.

Source: MetalBiz

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