Chinese mills bid low for Japanese scrap as prices enter bearish phase

Imported scrap prices to China for the most preferred Japanese HRS 101 grade (Chinese version for HS grade scrap) have declined by $15/t w-o-w. Bids for HRS101 are at $520/t, CFR China, as no recent deals were heard by SteelMint. Strong domestic scrap demand in Japan on successive price hikes by Tokyo Steel and low buying interest have contributed to lowering bids for imported scrap, which are expected to fall further in the near-term.