China concludes first deal for imported ferrous scrap from Japan

Imported scrap bookings in China have regained momentum after govt. lifted restrictions on fewer grades of scrap import. A Chinese scrap trader has concluded a deal for 3,000 t of Japanese HS grade scrap. The deal was heard to have concluded at $485/t CFR China basis since the deal was negotiated before the new-year holidays. However, now the imported scrap price to China is expected to go up further by $15-20, sources have shared with SteelMint.