Sentiment in the China import scrap market has turned bullish after downstream steel prices rebounded on Tuesday April 13.
The domestic steel rebar market in Russia's Central Federal District around Moscow was broadly flat over the week due to producers holding back from making new offers, while buyers expect prices for May volumes to rise, Fastmarkets heard on Monday.
The price of auto bundle scrap in the Turkish domestic market has risen slightly over the past week.
China’s hot-rolled coil prices tumbled on Monday April 12 amid a government call for stable commodity prices, but exporters raised their offers after a rise in trading activity last week.
The price of steel billet sold to China increased again over the seven days to Friday April 9, stalling by the end of the week due to higher domestic billet supply to Tangshan, sources said.
China’s hot-rolled coil prices continued to fall on Friday April 9 amid futures losses, but export prices remained high due to limited supplies.
China’s domestic rebar prices dropped slightly on Wednesday on April 7 on weakening demand and futures losses.
Export prices for Chinese cold-rolled coil and hot-dipped galvanized coil strengthened significantly over the past week amid uncertainties over China’s export tax rebate for steel products.
The price of hot rolled sheet imports in Asia could exceed $ 1,000 per tonne in the coming months.
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.