CHINA STEEL SCRAP: Prices inch up amid stabilizing steel prices

Import prices for steel scrap inched up amid slightly firmer prices for finished steel products on Wednesday June 2.

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...

Published

Lee Allen

Paul Lim

Tianran Zhao

June 02, 2021

10:04 GMT

Shanghai, Singapore