Lower bids for Japanese steel scrap heard from key buyers, combined with the sharp drop in Chinese ferrous futures this week, have created a slide in sentiment across the major Asian steel scrap markets, sources told Fastmarkets on Tuesday August 3.
Slide in Chinese futures market reduces cfr China scrap, billet prices Tokyo Steel drops scrap buy prices at Tahara works, except for Shindachi busheling Taiwanese buyers attempt to purchase cargoes at lower prices.ChinaRising numbers of Covid-19 cases in China's eastern province of Jiangsu, added to mixed messaging from the Beijing government on production levels, have led to a crash in Chinese ferrous futures prices on Monday and Tuesday this week, sources said.Imported steel billet was heard sold at prices as high as $728-730 per tonne cfr China last week, but interest among buyers for new spot bookings was heard at just $660 per tonne cfr China on Tuesday.The uncertainty caused by both factors has led to...