Sources said that Chinese steel mills are now able to purchase at $480-485 per tonne cfr China for high-grade Japanese HS materials after negotiation, while sellers have hiked offers to $500-510 per tonne cfr China.
Key market participants in China and Japan believe the tradeable price range was at $480-490 per tonne cfr China amid steel mills’ increased appetite for higher-priced imports and domestic supply.
Major Chinese steel mills such as Shagang will raise its scrap purchase price by 100 yuan ($10) per tonne from February 26, with domestic scrap market participants expecting appetite to remain strong in the second quarter of 2020 due to the seasonal demand for construction steel amid...
