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 pricesTokyo Steel drops scrap buy prices at Tahara works, except for Shindachi bushelingTaiwanese buyers attempt to purchase cargoes at lower pricesIndian prices remain static.The uncertainty caused by both factors has led to Chinese mills pulling back even further from potential...