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Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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November 2008 | Steel Raw Materials


Chinese market receives boost: Asian Highlights


The Chinese domestic scrap market has experienced an unexpected rise of up to Rmb500/tonne ($73/tonne) this month, and the transaction prices in late November have risen to Rmb2,300–2,500/tonne ($322–366/tonne) delivered, which has hit the same level of pig iron prices.

The Chinese domestic scrap market has experienced an unexpected rise of up to Rmb500/tonne ($73/tonne) this month, and the transaction prices in late November have risen to Rmb2,300–2,500/tonne ($322–366/tonne) delivered, which has hit the same level of pig iron prices. The Chinese domestic pig iron market has continued to experience slow transactions through November as many steel mills still refuse to buy amid weakening steel prices. The offer prices have remained in a range of Rmb2,300–2,500/tonne ($322–366/tonne), but this has proved to be nominal. This may lead to a rise in pig iron buying and a decrease in scrap buying as prices for scrap are close to pig iron prices. Rising scrap prices may be attributed to two main factors: first, a number of merchants have kept a tight hand on their available materials anticipating a further price hike; second, many small mills in eastern China’s Jiangsu province and...

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