SHANGHAI, Nov 11 (SMM) – China last week issued a fresh batch of import quota of 13,770 mt for newly restricted high-grade aluminium scrap, down 82.21% from the approved volumes in the counterpart batches for the third quarter.
The latest release alongside the previous batch of quota allowed the imports of 58,705 mt of aluminium scrap for the fourth quarter so far, 83.34% lower than the third-quarter quotas, SMM calculated based on the list released by the Solid Waste and Chemical Management Centre.
The decline came in line with market expectations that Chinese authorities will further intensify waste import restrictions in the remainder of the year.
SMM expects China’s aluminium scrap market to tighten up in the fourth quarter and lift prices of secondary aluminium, despite greater imports of aluminium alloy ingot finished products.
