Offer prices for ferrous scrap imports into China increased sharply on Wednesday April 21 amid bullish sentiment in the key supplier, Japan.
The highest offers heard were at $520-530 per tonne cfr north China, equivalent to $510-520 per tonne cfr east China.
Bid prices were heard at $495-500 per tonne cfr north China, equivalent to $485-490 per tonne cfr east China.
Sentiment in the Japanese market has been increasingly bullish due to the higher local intake of heavy scrap in recent weeks, especially with steel mills restocking their inventories ahead of the Japanese Golden Week holiday, April 29-May 5.
"Many scrapyards in Japan...