Scrap import in Manzhouli Port rose by 120.5%

Scrap import in Manzhouli Port rose by 120.5%

Scrap import quantities at China's largest land port Manzhouli Port in Inner Mongolia province surged in the first half of 2005, and according to the statistics data from Manzhouli Customs, scrap import at this customs totaled 195'000 tons up to June 30, 2005, with trade value reaching $25.69 million, up 120.5 percent and 134 percent against that of the same period of 2004. The rise in the price of iron ore led scrap to be favored by most steelmakers in China for its competitive price. According to the analysis of industry insiders, tight scrap supply situation will exist in China domestic market. As iron reservation has been few in China, and social scrap recycling can not satisfy the production demand, it is predicted that scrap deficit may reach 15 million tons in 2005, which can be remedied by scrap import. Manzhouli port controlled by Manzhouli customs takes advantage of its location, convenient railway and road transport. It is an important port for China to import scrap from Russia.