Chinese Steel Scrap exports advance sharply in 2017
SHANGHAI (Scrap Register): Chinese steel Scrap exports has doubled during the year 2017 as domestic demand was dampened.
According to the China Iron and Steel Association, China has exported 2.2 million tons of steel scrap last year, compared with just around 1,000 tons in 2016.
The surge came despite a 40-percent tariff on scrap steel exports as millions of tonnes of such steel were kept out of the domestic market due to a ban on the production of ditiaogang, or steel made from scrap metal.
Most exports went to Southeast Asian nations such as Indonesia, Thailand and Vietnam. The biggest sources of exports were eastern and southern coastal provinces including Guangdong, Jiangsu, Zhejiang, Fujian and Hainan.
China phased out the production of 140 million tonnes of "ditiaogang" last year as part of efforts to reduce excessive capacity in the steel sector.