November 2018 | Steel Scrap and Metallics Forecaster
Rising Chinese scrap supply likely to push down prices over coming year: China Market Analysis
While the main driver of scrap demand in China this year has been the EAF route, according to our calculations, steel production at mini-mills has been in turn driven by strong margins.
Chinese heavy scrap prices fell $5 per tonne month on month in November to $395 per tonne after having reached their highest point since December 2013 earlier in October above $400. A drop in domestic steel demand in China has led to scrap prices following those for rebar downward after a very strong year for China scrap prices. Prices have been mainly driven by higher electric-arc furnace (EAF) steel output, as we detailed in the September issue. While consumption at integrated mills also...
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