With excess of tens of millions of tons of iron scrap, China is boosting its exports of scrap iron. The closure of the substandard steel plant led to a surplus of 68 million tons of iron scrap in China. China’s export of scrap iron at the end of 2017 has had a significant impact on the global market.
China exported the largest iron scrap in the world
Export of scrap iron from China will only reach about 1,000 tons by 2016; a very small fraction of the 8.7 million tons of iron exports from Japan that year. But China has about 7 billion tons of steel at risk of backlog. This figure is expected to exceed 10 billion tons by the end of 2020.
Currently, Chinese scrap steel costs about $ 200 per tonne; This price is considered to have a competitive advantage over the products of Japan and Russia. Even so, some observers say; The opportunity for China to export scrap iron may be limited; The country’s domestic demand is likely to grow fast enough to consume surplus supplies.
China boosts exports of scrap iron to Vietnam by the end of 2017
When China began to boost exports of scrap iron to Vietnam; one of the largest export markets for scrap iron in Japan; Japanese industry becomes anxious. China is still the largest supplier of iron and steel to Vietnam; with the quantity of up to 4 million tons, worth over USD 2.2 billion.
China’s steel exports can be made by road to Vietnam; bringing great advantage to Chinese iron scrap over Japan. “Import orders for scrap iron from Vietnam are declining, showing that China’s scrap iron exports are rising sharply in Asia,” said Kazuyoshi Aizawa, general manager of a scrap metal company. in Kawasaki, Japan, said.
China’s exporters of iron scrap are seeking more customers in South Korea and South East Asia countries such as Vietnam.
At present, Vietnam is calling for foreign investment in the construction of transport infrastructure; Particularly, the projects of bridges and roads, metro lines …. This is likely to be a potential opportunity for Chinese steel imports to spread to Vietnam. If Vietnam does not have strict control; It is unlikely that China’s low-quality steel will spill over into our country.
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