August 2018 | Steel Raw Materials
Accelerating EAF steel output in China keeps scrap prices elevated: Latest Analysis
Although the bullish finished steel market implies that steelmakers in China may be looking to make the most of it by raising production, primarily at mini-mills due to still lower utilization rates, more bearish signs come from early August data.
ACCELERATING EAF STEEL OUTPUT IN CHINA KEEPS SCRAP PRICES ELEVATED Strong steel production in China has kept domestic ferrous scrap prices on the uptrend this month contrary to our expectations, despite cheaper hot metal production costs and higher availability of scrap resulting from a smuggling crackdown on exports in June. The rise in electric-arc furnace (EAF) mills' output outpaced an increase at Chinese basic...
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