Chinese importers of steel scrap showed low buying interest in foreign cargoes during the week to Wednesday May 26 amid sharp declines in Chinese finished steel prices, with their bids much lower than offers.
Bids for steel scrap were heard as low as $500 per tonne cfr northern China, which is equivalent to around $490 per tonne cfr eastern China, with buying interest dropping after finished steel markets plunged further on Wednesday."Steel prices have been falling sharply in this week. We have no willingness to purchase any cargoes from foreign suppliers right now. This is also...