By Anil Mathews (ScrapMonster Author)
March 02, 2016 07:42:39 AM
BEIJING (Scrap Monster): As per the most recent data, the steel scrap imports by China during the month of January this year declined sharply over the previous year. Also, imports were down when compared with December ’15.
The country’s scrap imports during January 2016 totaled 131,000 tons. The imports dropped by 29.4% year on year. The country had imported 186,000 tons of scrap during the same month last year. When compared with the previous month, the scrap imports by the country were down by 35%. China had imported 202,000 tons of scrap during December last year.
The largest scrap exporter to China during January this year was Japan. The scrap imports from Japan totaled 107,000 tons, accounting for nearly 82% of the total imports by China during the month. The imports from Japan have dropped significantly by almost 30% over the previous year. In second place was South Korea with 4,000 tons. The imports from South Korea have registered sharp decline of 64.6% year-on-year.
The country’s scrap imports have dropped for nine months in a row. The imports have been on a long term decline. In fact, imports had started showing signs of weakness starting second quarter last year.