The market for imported steel scrap into China remained quiet on Thursday July 29 despite contracts for rebar and hot-rolled coil on the Shanghai Futures Exchange rising sharply, sources told Fastmarkets.
The most-traded rebar and hot-rolled coil futures contract on the SHFE ended daytime trading 1.95% and 3.34% higher day on day, respectively, on July 29.
"The gains in steel futures will have some positive effects on market sentiment, but they will not be reflected in scrap prices soon. Buyers generally prefer to be in wait-and-see mode," a Japanese exporter source said.
No new bids were heard on Thursday July 29, with the latest bid heard at $535-540 per tonne cfr northern China, equivalent to $525-530 per tonne cfr eastern China.
Offers from Japan were heard at $600 per tonne cfr China.
Strong interest...