Fastmarkets’ daily price assessment for steel scrap, heavy recycled steel materials, cfr China
, which takes into account prices at ports in eastern China, was $500-515 per tonne on Wednesday, widening upward by $5 from $500-10 per tonne on Tuesday.
The most-traded rebar and hot-rolled coil futures contracts on the Shanghai Futures Exchange closed 0.5% and 0.8% higher respectively on Wednesday afternoon.
Buyers continued to show growing interest in booking scrap cargoes on Wednesday. The highest bids were heard at $520 per tonne cfr northern China, which is equivalent to around $510 per tonne cfr eastern China. But the bid-offer gap remained too high for most buyers to...