After announcing a one-month temporary suspension, China National Certification and Inspection Group (CCIC) North America has resumed inspections of scrap shipments to China as of June 1, 2018.
The loss of inspection ability through May reportedly caused much backlog for US non-ferrous products that are traditionally bound for China. While Canadian CCIC could carry out inspections for US shipments later in May, given the backlog, the entity was not expected to make much progress prior to June 1.
The downward pricing pressure on non-ferrous products in scrap yards was reportedly affecting earnings analysis that had scrap yards decreasing ferrous and non-ferrous buying prices. The reinstatement in trade is expected to positively affect the pricing on zorba and buoy ferrous scrap buying prices for feedstock.