CHINA STEEL SCRAP: Production cuts cap upward price momentum

July 09, 2021 / www.metalbulletin.com / Article Link

The upward momentum in China's steel scrap prices will be capped by the growing expectation that steel mills will be forced to cut production in the second half of 2021, sources told Fastmarkets on Thursday July 8.

There has been increasing speculation among market participants over the past week that China is planning to control its annual steel output to keep it at the same level as 2020.
Fueled by this, Chinese steel futures gained on Thursday, with the most-traded rebar and hot rolled coil prices closing the day up by 0.99% and 1.43%, respectively.
"Buyers are in wait-and-see mode regarding steelmaking raw materials," a trader source based in Zhejiang provinces told Fastmarkets.

"Mills may be able to pay higher prices for scrap because the margins are...

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