Ferrous scrap offer prices in China have
gained this week on the back of hike in Re bar prices. Heavy scrap prices are now
hovering at $372-404/MT Ex mills i.e. up by $18/MT from last week.
According to the market sources, “Steel mills
have bought low priced scrap and iron ore in last few days which has resulted
in the profitable production for them. Production is likely to improve in the
coming days.”
“But demand for the steel is likely to fall
on the back of holidays (approaching next week). It will put pressure on steel
prices later in October or November” he added.
Further, some imported scrap cargoes were
also being heard sold at higher prices from previous levels what Chinese mill
could afford. Offers bulk HMS 1&2(80:20) remain at $415/MT CFR.
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