Highlights from the first-ever BIR Global eForum: Video recordings free for all BIR Members!
Spotlight on Trade: A time for “forbearance, understanding and patience”
BIR’s first-ever Global eForum started on June 2 with the Spotlight on Trade, which offered a timely analysis of the practical impact of the COVID-19 pandemic on the recycling industry worldwide. The Spotlight session preceded a series of online webinars (running from June 3 to June 23) focusing on each of the specific commodities covered by BIR as well as legislative developments affecting the recycling industry.
According to its moderator Michael Lion of Everwell Resources Ltd in China, the aim of the Spotlight session was to offer support to members by addressing the practical aspects and “mutual anxieties” of running businesses of all sizes in these “unprecedented times”. To realize this objective he identified that the session would frame the discussion in the novel context of the Pandemic’s impact on trade as manifested in the progress of members global business transactions, examining forensically with panelists their approaches down this pathway to the challenges including those from counterparty risk, logistics, banking support through to contractual performance liability. Mr. Lion, who is also Chairman of BIR’s International Trade Council, went on to declare that “forbearance and understanding are very important at the moment” and that “patience is the watchword”, particularly in the sensitive area of dispute resolution. Read more ...
Non-Ferrous Metals: Scrap traders anticipate a boost from China’s new import policy
Metal prices will struggle to maintain current levels as the true economic impact of the COVID-19 pandemic begins to emerge, it was suggested at the Non-Ferrous Metals commodity session of the BIR Global eForum on June 3. On a more positive note, however, it was argued that China’s new “recycled material” standards covering brass, copper and cast aluminium alloy imports could significantly benefit scrap trading.
The “recycled material” reclassification is scheduled to enter force in China on July 1 this year but, at the time of the eForum, there had been no official announcement in English about the specifications to be adopted or about how the change would impact CCIC inspections, explained BIR Non-Ferrous Metals Division President David Chiao of Uni-All Group Ltd and Shen Dong of Omnisource, LLC. The former confirmed updates would be provided as soon as available while the latter said: “Traders believe this new policy will have positive outcomes for the future of scrap trading worldwide.” Read more ...