February 2017 | Steel Scrap and Metallics Forecaster
Competitive pricing continues to support Chinese scrap demand: China Market Analysis
Scrap merchants had been concerned by retreating demand at Chinese induction furnaces, which Chinese authorities ordered to be shut down and dismantled amid a crackdown in the production of substandard long products.
During the past week, heavy scrap prices in China have moved markedly higher, gaining RMB140/tonne as of February 17 to RMB1,850/tonne delivered. Deducting for 17% sales tax and converted to US dollars, MBs average assessment rose to a two-year high of $230/tonne. As the chart shows alongside, however, heavy scrap prices are relatively competitive in China, when compared to our so-called hot metal proxy we use to compare raw material costs at integrated works. This...
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