September 2019 | Steel Scrap and Metallics Forecaster
Cheaper hot metal could keep lid on Chinese scrap prices: China Market Analysis
Authorities are reportedly mulling restrictions for 28 cities in “northern” China for October-March, though the cuts are expected to be less strict than in 2017 and 2018.
Chinese ferrous scrap prices have continued to hold flat after the month-on-month decline in August. Septembers average price was 2,748 yuan ($385) per tonne delivered, including VAT, compared with Augusts 2,750 yuan and Julys 2,779 yuan which was the highest level seen this year. Scrap prices have eased since July in our view both due to a drop in the cost of hot metal as iron ore has retreated and as Julys production restrictions in North China have eased, as we will explain in more detail below. Scrap prices (excluding VAT) traded...
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