China has become a net exporter of steel scrap for the first time ever in June this year, according to the new monthly import and export data issued by the Chinese customs authorities.
In June, China exported 201,680 mt of steel scrap, constituting an enormous increase compared to just 87 mt of scrap exported in June last year. In the January-June period of the current year, China exported 298,106 mt of scrap, also surging compared to a minimal figure in the corresponding period of the previous year.
Furthermore, in June this year China imported 190,000 mt of scrap, up 7.6 percent, while in the first half of the year its scrap imports amounted to 1.31 million mt, rising by 31.5 percent, both year on year.
Currently, China imposes a 40 percent export duty on steel scrap.