Sentiment in China domestic scrap markets turns bullish, pushing up import bids

Sentiment in China’s domestic scrap market turned bullish amid futures gains across the ferrous complex, pushing up buyers’ bids for imported steel scrap, according to market sources on Wednesday November 24.

• Sentiment improves in China scrap market amid futures gains
• Vietnam demand slow
• Taiwan domestic supply limited
China
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...

Published

Paul Lim

Tianran Zhao

November 24, 2021

11:20 GMT

Shanghai, Singapore