CHINA STEEL SCRAP: Import prices unchanged despite strong recovery in futures

Import prices for steel scrap in China were unchanged on Friday May 28 despite the most-traded rebar and hot-rolled coil futures contracts on the Shanghai Futures Exchange (SHFE) closing higher by 4.07% and 4.94% respectively in the afternoon.

Offers for heavy scrap (HS) from Japan were heard at $570 per tonne cfr China on Friday, a $10 per tonne increase compared with a day earlier.
There were also offers heard for plate and structural (P&S) originating from Russia's Far East province at $515 per tonne cfr northern China ports. HS is of equivalent quality to P&S.
Japanese sellers were trying to raise their offers again, with the recovery in the Chinese futures market supporting the positive mood, sources told Fastmarkets.

But the number of bids heard was...

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