It
is reported that Chinese buyers have continued to stay away from the
international scrap market this week due to higher offer prices and an
uncertain outlook.
Offers
for HMS 1&2 (80:20) are hovering at $390-395/MT CFR China from US suppliers,
up by $10/MT from offers 2 weeks ago. Offers for Japanese HMS grade scrap also
inched up by $5-10/MT to reach $395-400/MT CFR China.
According
to a major trader in China, “We are not making any bookings for imported scrap
this week due to unfavorable prices. We are not even in a hurry to purchase
since we booked a large tonnage last month.”
“International
scrap prices are generally in an upwards trend recently, so we would like to
suspend scrap imports for few days”, another market source said.
Domestic
prices for heavy melting scrap over 6mm thick was flat last week at CNY 2,310- 2,400/MT
($370-384/MT), excluding 17% VAT.
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