CHINA STEEL SCRAP: Demand muted on mill production cuts

Demand for both domestic and imported scrap was weak on Tuesday June 29 with many Chinese steelmakers making production cuts for environmental reasons, sources have told Fastmarkets.

Steelmakers in Tangshan, China's northern region steel hub, have been instructed to lower their production rates this week to help to improve air quality ahead of the July 1 centennial celebration of the Chinese Communist Party, according to sources.
Some of the mills in Tangshan and nearby regions have announced that they will temporarily stop purchasing domestic scrap before the party centennial, sources said.
Bids for imported scrap were heard at $530 per tonne cfr northern China on Tuesday, which would be equivalent to around $520 per tonne cfr eastern China.

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