Scrap that - China's metal recyclers rush to divert or sell U.S. cargoes as tariffs loom [Reuters (UK)]
Nucor Corporation (NUE)
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Source: Reuters
Scrap that - China's metal recyclers rush to divert or sell U.S. cargoes as tariffs loom | Reuters 4 Min Read BEIJING (Reuters) - Chinese copper fabricators and importers are scrambling to divert or resell cargoes of U.S. copper scrap en route to China after Beijing hit such imports with a 25-percent duty as the trade row with Washington deepens, sources said. U.S. scrap metal, waste paper and plastics cargoes arriving in China from Aug. 23 will incur the new levy after China announced on Wednesday its final list of tariffs on $16 billion of U.S. goods. Scrap was not on a draft list released in June. In the first quarter there were almost 2,200 cargoes of copper scrap per month sent to China from the United States, according to Reuters’ calculations based on customs data. The average cargo of scrap copper sent to China is about 20 tonnes. With less than two weeks before the new tariffs come into effect, China’s imposition of duties threatens to disrupt trade for one of the world’s top
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