Bids by Chinese steel mills for the preferred Japanese HRS 101 grade scrap have moved up further by $10/t, w-o-w, SteelMint learnt from sources. Currently, bids for Japanese HRS 101 scrap are at $530/t, CFR China, and offers remain at $550/t, CFR, week-on-week. Bid-offer disparities have restricted Chinese mills from finalising deals from Japanese scrap suppliers. However, Japanese export offers are unlikely to inch lower considering the outcome of today’s Kanto tender which fetched the highest bid at JPY 49,195/t ($450), FAS, for H2 grade material.
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