China imported 76,250 mt of recycled steel raw material in April, up 67.5% from March, customs data showed May 21, with Japan accounted for 71% of total, at 54,057 mt.
South Korean-origin volumes totaled 15,705 mt, with Malaysian-origin volumes at 2,671 mt, down from 11,140 mt in March.
The fall in volumes from Malaysia was in part due to the country imposing a 15% duty on exports of ferrous scrap on March 19. The move from Malaysia was a bid to protect local steelmakers as much-needed raw material was leaving the country.
Summing up for the first four months of the year, since China reopened its doors to recycled steel imports, a total of 131,606 mt has been imported, up from 5,379 mt in the same period of 2020.
Since the reopening, Chinese mills and traders have been trialing the import market, not least as a way to acclimatize themselves to the seaborne trade's requirements and processes.
That meant some purchases of imported material were at premiums to local prices, sources have said.
The daily HRS101 assessment by S&P Global Platts averaged $480.5/mt in March, up from February's $448.9/mt.
Prices in China's Zhangjiagang saw a March average of Yuan 3,390/mt (for deliveries of minimum 6 mm thick material to mill, and including 13% value added tax), gave an import CFR parity basis of around $455/mt, after normalizing for VAT, trucking, and port handling costs.
Meanwhile, China has taken another step forward in aiding seaborne trade of raw materials by removing import duties on pig iron, crude steel, and recycled steel, effective May 1.
