Import prices for HRS101-grade ferrous scrap into China were unchanged on Tuesday July 27 but steel production cuts dampened spot demand for the material, sources told Fastmarkets.
"The restrictions on crude steel production have reduced our demand for scrap to a minimum recently," a Chinese mill source based in Hebei province told Fastmarkets.
"We will reduce our production rate starting next month, so we are purchasing raw materials as needed. Our purchase price for domestic scrap was lowered this week, so was our bid for imported scrap," a second mill source in Hebei province said.
Domestic scrap prices in China increased slightly over the last week due to a lack of supply, but the drop...