China Iron and Steel Association (CISA) debated how to speed up the revision of scrap standards to boost imports this week.

As the world's largest steel producer, China has said it will increase the use of steel scrap in the steelmaking process and reduce carbon dioxide emissions, with the goal of reaching the peak of carbon emissions by 2030. In addition, more than 70% of China's iron ore supply comes from abroad, and it hopes to reduce its reliance on iron ore imports.

Representatives of a host of top steelmakers attended the meeting this week, with many blaming the level of imports on too stringent standards.

Luo Tiejun, the vice chairman of CISA, said that they need to promptly revise the standards of steel scrap if they were to enlarge imports. Meanwhile, CISA said the meeting also discussed a draft steel scrap futures contract.