Higher Japanese offers are heating up prices in the China import scrap market, sources told Fastmarkets on Wednesday February 24.
Chinese buyers have focused more on
procuring steel billet imports since the market returned from its Lunar New Year holidays earlier this month, with few recent scrap sales heard.
Fastmarkets' price assessment of
steel scrap, heavy recycled steel materials was at $470-475 per tonne cfr China on Wednesday, widening upward by $5 from $470 per tonne cfr on Tuesday, and up by $10 from $460-465 per tonne cfr on February 10.
The price increase was largely due to the rise in offer prices for Japanese heavy scrap (HS), which is equivalent to plate and structural (P&S) grade scrap, while a rumored deal was heard at $470 per tonne cfr China for HS on Tuesday.
Offers from Japan were at $490-500 per tonne cfr China at the low end on Wednesday, and were...