Despite China and other countries starting to relax their lockdowns, the Coronavirus pandemic is still severely impacting daily life. Social distancing is changing means of communication and how people live. At the same time, COVID-19 has undermined the Chinese economy and has led to its worst quarter in decades. According to government statistics, this year’s first quarter saw a contraction of 6.8% when compared with the same period in 2019.
Although China’s new scrap import policy does not enter force until July 1 this year, many traders and processors are anxiously awaiting the formal announcement and the new regulations relating to this change. This should have a positive impact on the future of scrap trading worldwide.
Scrap demand is healthy within China, with consumption gradually recovering from the months of lockdown.
OmniSource Corporation (USA), Board Member of the BIR Non-Ferrous Metals Division