China imported no scrap on August 2019. This is the first time since 1999 that China purchased no scrap; end the story that it is the world’s first buyer of scrap! It caused scrap steel price to grow to USD 387, up 18$ compared with previous year. But China government still persists on importing no scrap and allows buying only 20K of scrap! This is a good opportunity for Iran DRI and HBI exporters…
It is worth mentioning that China consumed 101 million MT of scrap on the first half of 2019, up 153% YOY. This is caused by the environmental limitations on steelmaking and low margin of steel.
