Rising Chinese ferrous futures on Monday did little to raise steel scrap demand in China, sources told Fastmarkets on Tuesday August 24.
Demand for importing steel scrap in China remains mutedBuying sentiment in Taiwan coolsSouth Korean demand for Japan high-grade scrap still highChina
The market for steel scrap imported into China remained quiet on Tuesday despite gains in the steel futures markets amid the persistent mismatch between bids and offers for material.
The most-traded rebar and hot-rolled coil futures contracts on the Shanghai Futures Exchange ended their day trading sessions 1.60% and 1.63% higher respectively on Tuesday. The most-traded iron ore futures contracts on the Dalian Commodity Exchange (DCE) closed 5.70% higher.
Bids for heavy scrap (HS) were heard at $500 per tonne cfr north China whereas offers from Japan stood strong at $600 per tonne cfr China...