Sentiment in China's imported ferrous scrap market turned bullish on Thursday April 29, after the country's Ministry of Finance officially announced that the new tax regime for ferrous raw materials would start on Saturday May 1.
According to the document published by the Ministry of Finance, there will be no import tariffs for steelmaking raw materials such as recycled steel, pig iron, crude steel and other products.Bids were heard at $515-520 per tonne cfr northern China - equivalent to about $505-510 per tonne...