CHINA STEEL SCRAP: Weak currency, new Tangshan output cut dampen prices

The weaker Chinese yuan and Japanese yen have dampened scrap spot trading prices this week, market sources told Fastmarkets on Tuesday March 9.

The news of new restrictions in the key steel making region of Tangshan also made sentiment turn bearish, sources said.
"Offers are lower because of the weaker currencies in east Asia so buyers are bidding lower already," a trader in east Asia said.
The Japanese yen has grown increasingly weaker against the United States dollar, falling to ?108.64 to $1 on March 8 from ?104.63 to $1 on February 10.

The Chinese yuan has followed a similar trend, falling to 6.52 yuan to $1 on March 9 from 6.44...

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