Chinese customs unloaded first deep-sea ferrous scrap cargo

The Supramax-sized scrap cargo, purchased by the Chinese state-owned commodity trading group Hangzhou CIEC, was cleared from customs at Caofeidian after arriving at the port on Oct.

Rejection rates on cargo were not significant, reflecting market expectations that Chinese customs would allow imports of most premium scrap and most premium scrap, such as chop, bonus and P&S. However, it seems unlikely that the import of HMS material, the most common obsolete scrap transported by sea, will be allowed.

A second UK-origin ferrous scrap cargo, also purchased by CIEC, is expected to arrive at Caofeidian on October 21st. This cargo left the UK port of Tyne on 15 September. And it's also just smash and bonus material.