China reduced scrap imports by 20% in January-July 2016

Data released by the Chinese customs authorities indicate that imports of ferrous scrap in the country fell sharply during the first seven months of this year. Imports during July 2016 decreased significantly compared to the previous month.

According to customs data, imports totaled 165,414 metric tons in July this year, down 2.4% from the same month a year earlier and down 3.9% from a month earlier.

Japan was the largest exporter of ferrous scrap to China in July. Imports from Japan reached 148,069 tons, accounting for nearly 90% of the country's total imports during the month. Imports from Japan declined slightly by 2.5% from the previous month. South Korea became the second largest source of imports for the month. Imports of ferrous scrap from South Korea amounted to 5,648 tons, accounting for a 3.4% share of the country's imports during the month. Other key exporters of scrap ferrous metals to China during the month of July this year are Belgium (1,961 tons), Hong Kong (1,918 tons), Australia (1,281 tons) and the Netherlands (979 tons).

Aggregate imports during the first seven months of this year amounted to 1.164 million tons. Imports are down 19.3% over the corresponding seven months in 2015.

The largest exporter in the first seven months in 2016 was Japan. Imports from the country amounted to 1,023 million tons, a sharp decline of 15% at the annual level. Imports from Japan accounted for 87.8% of total Chinese imports during this period. South Korea came in second with 37,475 tons, which is 3.2% of total imports. Imports from South Korea also dropped significantly by 30.9% year on year.