The Ministry of Industry and Information Technology (MIIT)has approved the 11th batch of 135 scrap steel bases. Currently, over half of the 824 enterprises on the whitelist have emerged in the last three years.

On November 20th, the MIIT listed 135 enterprises in the 11th batch of approved scrap steel processors and removed 17 from the whitelist. This marks the fourth announcement in the past three years regarding the whitelist of scrap steel processing bases. Over half of the enterprises in batches one through eleven have been qualified within the last three years, totaling 824 approved by the MIIT. SMM expects major changes in China's scrap steel market within two years. The government has been standardizing the market. By the end of 2023, China's scrap steel processing capacity has nearly reached the target set for the end of the "14th Five-Year Plan" period, with qualified enterprises achieving an annual processing capacity of 200 million tons as proposed by the association. Considering the proportion of electric furnace steel, there's significant pressure to boost China's EF steel output beyond 15% by 2025. The next two years will see the scrap steel market shift from a surge in new entries to a phase of market adjustment.