Chinese mills raise bid for Japanese scrap

Imported scrap prices for the most preferred Japanese HRS 101-grade scrap to China have moved up in recent trades. Few trades for around 2,500-3,000 t of HRS101 grade have confirmed by SteelMint at $497-501/t CFR basis. Japanese scrap offers continue to move up before Golden week holidays and a sharp hike in iron ore prices in China has also resulted in Chinese mills lifting bids for Japanese scrap by $10 against the last week.