According to the statistics from Zhang Jiagang Inspection and Quarantine Bureau, the imported scrap steel reached 3.279 million tonnes at Zhang Jiagang Port in January to October 2009 period, valued USD 1.02 billion, up by 887% YoY and 401% YoY respectively.

Zhang Jiagang owns Jiangsu Shagang and Fengli, the two largest forces of scrap steel import, there into, the former is the domestic largest electronic blast furnace and high-special steel production base and the latter is the famous scrap steel import and processing enterprise. The import of both enterprises grew significantly this year, which is mainly attributed to the following reasons.

Firstly, affected by the international finance crisis, the international scrap steel price dived, while the domestic price remained high straightly, so the imported scrap presented price advantage. Secondly, with the implementation of the country's policy, the investment in infrastructure construction increased, Shagang's sales also boosted, which led the imported scrap steel to incline. Thirdly, the continuous down trend of sea fright stimulated enterprises' imports.

(Sourced from MetalBiz)