Prices for imported ferrous scrap in China were unchanged on Friday April 23 amid stable demand-and-supply fundamentals.
Bids for HRS101-grade heavy scrap were heard at $505 per tonne cfr northeast China. This was equivalent to around $495 per tonne cfr east China.
Offers for imported ferrous scrap were heard at $510-515 per tonne cfr north China. This was equivalent to around $500-505 per tonne cfr east China.
The offers were stable week on week amid bullish sentiment in the Japanese domestic scrap market.
Fastmarkets’ price assessment for steel scrap, heavy recycled steel materials, cfr China, which takes into account prices at ports in eastern China, was $495-500 per tonne on Friday, unchanged from a day earlier.
The corresponding price assessment for steel scrap, heavy scrap domestic, delivered mill China, remained at 3,290-3,490 yuan ($507-538) per tonne, unchanged from last Friday. This has not had any effect on import prices.
Domestic long steel prices were also largely unchanged on Friday, with transactions concluded at the same levels as the day before. Prices were not likely to increase further because end-users were still restrained by costs, industry sources said.
Prices in the rest of Asia were facing upward pressure from strong demand for imported scrap and profitable downstream operations.
Buyers in Taiwan were resisting price increases by maintaining bids at $425 per tonne cfr Taiwan, although some were heard to be considering an increase to $430 per tonne cfr Taiwan.
Offers were heard at $430-435 per tonne cfr Taiwan.
Fastmarkets’ daily price assessment for containerized steel scrap, HMS 1&2 (80:20 mix), US material import, cfr main port Taiwan, was $425-430 per tonne on April 23, unchanged from a day earlier but widening downward by $5 per tonne from $۴۳۰ per tonne on April 16.
In Vietnam, the booming domestic markets for billet and long steel, as well as higher offers from Japan, were causing buyers to bid higher, especially for Japanese cargoes.
Fastmarkets’ weekly price assessment for steel scrap H2, Japan-origin import, cfr Vietnam, was $465 per tonne on Friday, up by $13 per tonne from $452 per tonne a week earlier.
And the weekly price assessment for deep-sea bulk cargoes of steel scrap, HMS 1&2 (80:20), cfr Vietnam, was $460-470 per tonne on Friday, increasing by $5-7 per tonne from $455-463 per tonne on April 16.
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