China's Imports of Steel Scrap Continue to Increase in January-August

摘要

Gluttony of hungry dragon, China for steel scrap, was found to be continuing. Aggregate imports of steel scrap by China from January through August reached 6,847,875 tons (based on HS Code 72044900) with a whopping year-on-year jump of 28 percent from 5,347,373 tons. Taking a look at the import trend, the monthly purchase of steel scrap by China posted 1,199,724 tons in March, hitting the highest monthly record in 2004, while July imports declined to 574,161 tons, the lowest monthly level, on a downward tend that continued in the wake of Chinese Premier Wen Jiabao's confirmation in March that Chinese economy would make a soft landing. However, China bought 753,046 tons of steel scrap in August, jumping 31.2 percent over the previous month.