Scrap steel exports surged in 2017
China’s scrap steel exports soared in 2017 as domestic demand was dampened, according to data from an industry association.
The country exported 2.2 million tons of scrap steel last year, compared with just around 1,000 tons in 2016, according to the China Iron and Steel Association.
The surge came despite a 40 percent tariff on scrap steel exports as millions of tonnes of such steel was kept out of the domestic market due to a ban on the production steel made from scrap metal.
Most exports went to Southeast Asian nations such as Indonesia, Thailand and Vietnam.
China phased out the production of 140 million tons of steel made from scrap metal last year as part of efforts to reduce excessive capacity in the steel sector.