Import prices for China scrap into have continued to increase in the week to Tuesday April 6, amid strong domestic demand and regional rebounds, market sources told Fastmarkets.
Buyers increased their bids to $465 per tonne cfr northern China, with offers at $500-505 per tonne cfr northern China.
Key market sources estimated that the spot price for imported HRS101 scrap into northern China was about $475-480 per tonne cfr China.
Buyers in east China were bidding at $460 per tonne cfr China, while key market sources estimated that spot prices for imported HRS101 scrap into eastern China were at $460-465 per tonne cfr China.
*** Price assessment for steel scrap
Fastmarkets’ price assessment for steel scrap, heavy recycled steel materials, cfr China was $460-465 per tonne on April 6, narrowing up by $5 per tonne from April 1.
Logistics problems remain for shippers trying to send Japanese scrap to China.
“Traders still aren’t able to find ships to carry cargoes from Japan to China, so Japanese scrap is in short supply in the seaborne markets, although domestically they should be well-stocked,” a seller source in Singapore told Fastmarkets.
*** Strong domestic steel prices and demand
Increases in domestic steel prices in China have also supported import scrap prices, market sources said.
The price of most major steel product, including rebar and hot-rolled coil, hit 12- to 13-year highs this week due to strong downstream demand, resulting in favorable margins for steel mills.
Fastmarkets’ steel reinforcing bar (rebar) domestic, ex-whs Eastern China was 5,050-5,090 yuan per tonne on Tuesday, its highest level since August 2008.
This has enabled steel mills to increase their purchase prices for steelmaking raw materials, including steel scrap.
An eastern China steel mill raised its purchase prices for steel scrap by 100 yuan per tonne to 3,510 yuan per tonne delivered (including value-added tax) on April 6.
And a northern China steel mill raised its purchase prices by 200 yuan per tonne to 3,450 yuan per tonne delivered (excluding VAT).
Scrapyards, meanwhile, are slowing down deliveries, awaiting for higher prices.
*** Increases in regional prices
Taiwanese buyers have increased their bids for United States-origin heavy melting scrap (HMS)1&2 (80:20) to $400 per tonne cfr Taiwan, up from $395-400 per tonne cfr Taiwan last week.
Offer prices also increased – to $410-415 per tonne cfr Taiwan – amid bullish sentiment among buyers who feel that prices will continue to rise.
*** Price assessment for containerized steel scrap
Fastmarkets’ daily price assessment for containerized steel scrap, HMS 1&2 (80:20), United States material import, cfr main port Taiwan was $405-410 per tonne on Tuesday April 6, up by $5 per tonne from $400-405 per tonne on April 5.
Vietnamese buyers also increased their bids for imported scrap, looking to purchase bulk Japanese H1&H2 (50:50) at above $450 per tonne cfr Vietnam.
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