CHINA STEEL SCRAP: Buying interest hit by plunging steel prices

Import prices for steel scrap in China were unchanged on Tuesday May 25, with the country's finished steel market crashing in response to a meeting held by the Chinese government on Sunday May 23 that put more emphasis on stability in the commodities sector.

Fastmarkets' daily price assessment for steel scrap, heavy recycled steel materials, cfr China, which takes into account prices at ports in eastern China, was $510-520 per tonne on Tuesday, unchanged from a day earlier.
There were limited bids from buyers during the day, with buying interest dropping again after the retreat of the finished steel markets on Monday.
Rebar and hot-rolled coil futures traded on the Shanghai Futures Exchange (SHFE) closed 3.6% and 3.9% lower respectively on Monday after the Chinese government held a meeting with major iron ore, steel, copper and aluminium producers on Sunday to urge them to rein in commodity price surges.

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