China ferrous scrap buys seen unlikely soon

Nov 01, 2006 | 01:59 PM | Ben Garside

China's ferrous scrap buyers aren't expected to look overseas for feedstock again until steel production from blast furnaces declines in relation to the nation's electric furnace output, according to John Neu, vice chairman of Sims Hugo Neu Corp., a unit of Sims Group Ltd.

Speaking at the Bureau of International Recycling (BIR) fall convention in Brussels, Neu said China's big steelmakers haven't bought a deep-sea scrap cargo in six months.

"We do not expect major changes until the ratio of domestic blast furnace iron production to raw steel production declines to 90 percent of raw steel production at most. This could be equal to around 22 million tonnes per year more demand for other ferrous units, including scrap," Neu said.....

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