Prices for steel scrap imported to key South Asian markets showed more strength on Thursday June 30 following firmer market fundamentals in both China and Turkey, sources told Fastmarkets.
Lower-priced Russian-origin steel scrap offers to China were heard on Friday August 13, but prices were still not low enough to entice Chinese buyers to enter the market.
CHINA STEEL SCRAP: Steelmakers look to restock after long holiday Chinese steelmakers looking to replenish steel scrap stocks after returning from their new year holiday on Thursday February 18, have raised bid prices for both domestic and imported material, sources told Fastmarkets. On the first day back after the holiday, a Shandong mill raised its tender for heavy scrap by 50 yuan per tonne on Thursday to 3,050 ($472) yuan per tonne delivered, excluding value-added tax, a trader in eastern China said.
Chinese bid prices for bulk imports of heavy recycled material (HS) supplied from Japan also increased on Thursday.
Fastmarkets’ daily price assessment for steel scrap, heavy recycled steel materials, cfr China was $465-470 per tonne on Thursday, up $5 per tonne from the previous assessment on February 10 - prior to the Chinese New Year break - of $460-465 per tonne cfr.
Chinese steelmakers looking to replenish steel scrap stocks after returning from their new year holiday on Thursday February 18 have raised bid prices for both domestic and imported material, sources told Fastmarkets.
Asia steel scrap prices to continue nosedive short term - sources Prices for steel scrap across Asian markets have plummeted in recent days due to weak sentiment and buyers abstaining from purchases, market participants told Fastmarkets on Friday January 22.
Market expectations of further price drops ahead of the Chinese New Year - observed in a week-long holiday from February 11 - led to buy-side bearishness across Asian markets, Fastmarkets heard.
This prompted sellers in the steel billet market, cfr Southeast Asia, to attempt offering more cargoes out to sell stock and cash in before prices fall further, but buyers have been cautious to make any bookings in a sharply dropping market.