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Article: Tapping the breaks? Parties debate whether the United States should impose export controls on ferrous scrap.(International Market Report)
- Article from:
- Recycling Today
- Article date:
- April 1, 2004
CopyrightCOPYRIGHT 2004 G.I.E. Media, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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You can't escape the talk about the Chinese market, with discussion surrounding the growing appetite for scrap from Chinese buyers. China's growth as a consumer of ferrous scrap has largely caused the price of the material to soar. For some commodities, prices have climbed by more than 100 percent during the past several months. According to Morgan Stanley, China's steel consumption has more than doubled in the past five years to almost 290 million tons. By comparison. U.S. steel consumption is estimated to be at around 119 million tons.
The spike in price and demand is causing significant repercussion, on both sides of the supplier/consumer equation.
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