Wednesday, 20th July,
As learnt from global scrap markets, scrap prices slightly inch up by US$3-5/tonne today. Both US and EU scrap dealers raise their scrap quotes, imported Scrap of HMS 1&2 (80:20) has reached US$475/tonne CFR for China. It was US$469/tonne CFR last weekend.
And, this price improvement is largely attributable to the price hike in Turkish rebar markets, that the rebar has hit US$800/tonne.
According to a market source, “the global scrap prices may climb higher in August if the financial situation gets warmer in the European Union. Under existing circumstances, overseas suppliers will not lower their quotes to China, and moreover, US and EU scrap will become more attractive on the fears of nuclear radioactivity of Japanese scrap. Accordingly, the price will firmly high, but Chinese steel mills have no choice but to import scrap, due to the severe scrap shortage”.
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