China’s scrap-steel imports ‘symbolic’ after two-year ban lifted, and will not reduce need for iron ore in steelmaking

China’s first deals to import scrap steel since lifting a two-year ban on it last week are “symbolic” and do not signal that the country is set to significantly reduce its demand for iron ore as the key steelmaking ingredient, according to analysts.The ban on scrap steel for steel production was lifted from the start of January after China had prohibited its import to prevent the global dumping of low-grade scrap “waste” since late-2018.Last week, new standards were also formalised by…

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