October 2018 | Steel Raw Materials
China scrap prices finding further support but drop is coming: Scrap Highlights
Large increases to Chinese crude steel output are boosting scrap demand, which is in turn is pulling prices higher.
Chinese scrap prices have remained comparatively elevated over the past month thanks to still strong demand and a stronger performance in prices for alternative irons. Fastmarkets price assessment for Chinese domestic heavy was 2745 yuan ($397) per tonne including VAT on October 12, up 40 yuan per tonne month on month, but largely stable in US dollar terms over the same period. Major steelmaker Shagang increased its buying prices for heavy scrap by 60-80 yuan per tonne for October, according to Fastmarkets MB sources whilst others resisted further hikes. Our assessment for China is 49% higher than a year ago,...
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