• Sentiment improves in China scrap market amid futures gains
• Vietnam demand slow
• Taiwan domestic supply limited
Sentiment in China’s imported and domestic steel scrap markets improved on Wednesday amid futures gains across the ferrous complex, according to sources.
The most-traded rebar and hot-rolled coil futures contracts on the Shanghai Futures Exchange ended their afternoon trading sessions higher by 3.23% and 3.16% respectively on Wednesday. The most traded iron ore futures contracts on the Dalian Commodity Exchange ended 5.84% higher.
Bids for imported HRS101-grade scrap were heard at $430 per tonne cfr north China on the day, compared with bids of $415 per tonne early this week. Market participants indicated prevailing market prices for such material at $470-480 per tonne cfr northern China.
Fastmarkets’ calculation of the steel scrap, index, heavy recycled steel materials, cfr north China was at $474.17...