Import prices for steel scrap in China weakened further on Thursday May 27 amid a continued lack of buying interest, sources told Fastmarkets.
The continued price drop came despite the most-traded rebar and hot-rolled coil futures contracts on the Shanghai Futures Exchange inching up on May 27 after more than a week of consecutive losses.
Fastmarkets' daily price assessment for
steel scrap, heavy recycled steel materials, cfr China, which takes into account prices at ports in eastern China, was $490-500 per tonne on Thursday, down by $20 per tonne from a day earlier.
A ballooning bid-offer spread in the China scrap import market ensured that no deals could be reached on Thursday May 27, sources said.
Bids...