Chinese customs authorities have cleared the country's first imported deep-sea ferrous scrap cargo since its new scrap import standards and HS codes came into effect on 1 January 2021.
The Supramax-sized scrap cargo, bought by Chinese state-owned commodity trading group Hangzhou CIEC, has been custom cleared at Caofeidian after arriving at the port on 14 October. The cargo was sold by a UK supplier and it left the port of Liverpool on 31 August, according to Argus vessel tracking data.
This cargo consists of shredded and bonus material only.
The rejection rates on the cargo were not significant, which echoed market expectations that Chinese customs will allow imports of most higher-grade obsolete scrap such as shred, bonus and P&S, and most prime grade scrap. But HMS material — the most common seaborne obsolete scrap — is not likely to be permitted for import.
A second UK-origin ferrous scrap cargo, also bought by CIEC, is expected to arrive in Caofeidian on 21 October. This cargo left the UK port of Tyne on 15 September. And it also only consists of shred and bonus material.
