Prices for steel scrap imported into China rose on Monday May 10 amid a surge in downstream steel product prices in the country.
Futures trading on Monday morning was at a frenetic pace which was repeated by physical spot prices later in the day, with the futures contracts for hot-rolled coil (HRC), rebar and iron ore all hitting their maximum daily increase limits.Import prices for steel billet have risen several times over the past few days, with a Malaysia-origin cargo of 30,000 tonnes of billet heard sold at $730 per tonne fob, which sources said...