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.
FOCUS: Restart of China scrap imports bad news for rival Asian buyers Chinaâs regulatory reboot to again become a major steel scrap importer is likely to cause supply problems for other consumers of Japanese material, market participants have told Fastmarkets. The first deals signed by Chinese companies after rules changed on December 31 to officially allow the restart of scrap imports to China have all been for vessels of Japanese material.
If this continues, Chinaâs import strategy is likely to pose a great challenge to other territories that depend on the supply of Japanese scrap, such as Vietnam, Taiwan and Bangladesh, sources said.