China recently announced an import ban on certain types of recycled materials. Given China is the largest importer of U.S. recyclables, this action will make it much harder for recyclers in the U.S. to be profitable. Banned materials include unsorted and/or unprocessed plastics, mixed paper, textiles, and some trace metals.
How Recycling Markets are Being Impacted
The values of plastic, paper, and aluminum have been trending down for years and this news only continues that trend. This means more pressure on companies like Millennium to produce higher quality material. So far, markets for 3-7 have become non-existent, the price for OCC has dropped significantly, piles of mixed paper are growing around the country, and there’s concern for possible bans coming on other materials.
How Could YOU be Impacted
Currently Millennium has not implemented any changes as the initial effects of this ban play out. We are asking for your support in keeping material you deliver to us as clean as possible. We also want you to be aware of what is going on in the industry in case any adjustments are needed in the near future. If adjustments are needed, we will notify all customers at least 30 days prior to the change and keep communications open for any questions or concerns.
Please do not hesitate to reach out for further information.