China’s 2005 scrap import to reach 13 million tons

China’s 2005 scrap import to reach 13 million tons

The China Iron & Steel Association (CISA) estimates that China’s demand for imported scrap will be 13 million tons this year, up from 10.2 million tons in 2004. China’s overall scrap demand in 2005 is expected to grow more than 10% to 55.2 million tons. Looking ahead, CISA also forecasts that 20%-25% of China’s demand for scrap in 2010 will be satisfied by imports. In 2010, China’s scrap demand is predicted to 60 million tons, of which imports will account for 12-15 million tons. Scrap import and total demand in 2004 were basically similar to that of 2003. Specifically, China’s scrap consumption in 2004 was 51.06 million tons and that of 2003 was 50.96 million tons. Scrap import in 2004 was 10.2 million tons, whilst that of 2003 was 9.3 million tons. In 2004, the average scrap import price hit a record US$194.80/t. The 2004 monthly price peaked in December, reaching US$254.90/t.