CHINA STEEL SCRAP: Prices flat but holiday set to weaken demand

Import prices for ferrous scrap in China were steady on Wednesday April 28 amid approaching holidays in the country as well as its major supplier, Japan.

Demand from Chinese buyers is expected to weaken during the Labor Day break, however. China is observing a public holiday over May 1-5 to mark the occasion.
Bids for imported heavy scrap were heard at $500 per tonne cfr northern China on Wednesday. This is equivalent to around $490 per tonne cfr eastern China.
Buyers lowered their bids during the day compared with a day earlier, which sources attributed to the upcoming holiday.

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