ASIA STEEL SCRAP DIGEST: China import market down amid lower Korean offers

The emergence of cheaper South Korea-origin steel scrap in the market has reduced prices for imported scrap in China, with the Chinese market is still reeling from strict production cuts, sources told Fastmarkets on Thursday August 5.

Chinese scrap demand has been dampened by lower converter and EAF operation rates Strong shredded prices in Pakistan prevented sales to Bangladesh A major South Korean buyer reduced their Japan scrap bid prices, except for Shindachi busheling Taiwan bought containerized scrap at $430-432 per tonne cfr Taiwan. China
Buying interest for heavy scrap (HS) from Chinese buyers was limited on Thursday amid production restrictions in the country.
Bids for HRS101-grade steel scrap were heard at $510 per tonne cfr northern China and $510-520 per tonne cfr eastern China on Thursday August 5, against offers from South Korea at $570-580 per tonne cfr China. South Korean material is available to Chinese buyers at least $30 per tonne above Japan-origin scrap, a Singaporean trading source said.

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