CHINA STEEL SCRAP: Japan sellers eye higher prices amid China steel rebound

Japanese scrapyards are eyeing higher import prices for heavy scrap (HS) in China before offering material again amid rebounds in Chinese domestic billet prices before offering cargoes again, industry sources told Fastmarkets on Tuesday March 23.

Fastmarkets' price assessment for steel scrap, heavy recycled steel materials, cfr China was $460-470 per tonne on Tuesday, widening downward by $10 per tonne from a day earlier.
Prices fell on a lack of buying interest and lower bids from eastern China mills over the last day, together with continued freight problems around the shipment of Japanese steel scrap, sources said.
Japanese scrapyards have been keeping an eye on price rebounds in China's domestic markets, especially with key price indicator - steel billet - rebounding heftily to 4,620 yuan ($709) per tonne on Tuesday March 23, up by 130 yuan per tonne compared with 4,490 yuan on March 1.

"This made suppliers hesitate when offering cargoes because they may be able to get higher prices soon," a trader in east...

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