A number of Chinese dealers and business entities are taking over Japanese scrapyards, or setting up scrap businesses in Japan, to secure sufficient supply of the steelmaking raw material for steel mills in China, market sources told Fastmarkets this week.
"Their main aim is to secure ferrous scrap supply for Chinese buyers when [China's] import ban is lifted and ferrous scrap is allowed to be imported as recycled steel raw materials in 2021," a scrapyard source in Japan told Fastmarkets.Major Chinese top-tier steelmakers...