Anhui Province-based Ouyeel Blockchain Finance and Metal Recycling Resources Co., Ltd., (Ouyeel Blockchain), a subsidiary of Chinese steel giant China Baowu Group, has opened a steel scrap processing and production plant with an annual capacity of 2.8 million mt in Anhui Province, according to Reuters. The total investment of the plant is RMB 440 million ($68.35 million).
All the plant’s operations, including procurement, production and sales, will be managed online, as SteelOrbis understands.
China has started to implement new standards for scrap and to allow imports of scrap as a recycled steel raw material, and has changed its duty system, as SteelOrbis previously reported.