- Slide in Chinese futures market reduces cfr China scrap, billet prices
- Tokyo Steel drops scrap buy prices at Tahara works, except for Shindachi busheling
- Taiwanese buyers attempt to purchase cargoes at lower prices
- Indian prices remain static.
Rising numbers of Covid-19 cases in China’s eastern province of Jiangsu, added to mixed messaging from the Beijing government on production levels
, have led to a crash in Chinese ferrous futures prices on Monday and Tuesday this week, sources said.
Imported steel billet was heard sold at prices as high as $728-730 per tonne cfr China last week
, but interest among buyers for new spot bookings was heard at just $660 per tonne cfr China on Tuesday.
The uncertainty caused by both factors has led to Chinese mills pulling back even further from potential...