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Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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November 2019 | Steel Raw Materials


Margin gains downstream suggest scrap price “ridge” is here to stay: Scrap Highlights


The extraordinary demand-pull for steel in China this year – still over 7% through the first 10 months according to our calculations – has, however, been of little benefit to international or indeed domestic Chinese steel suppliers

Chinese ferrous scrap prices remained stubbornly high in November so far at a dollar equivalent before tax of around $350 per tonne delivered. The value of Chinese heavy steel scrap contrasts with international benchmarks such as Turkey’s imported blend of HMS#1&2, which are still struggling to rally in parallel. In the week ending November 22, the Turkish benchmark of north European origin was over $90 per tonne below Chinese prices. The substantial “differential” or premium for made-in-China scrap has been narrowing almost weekly since exceeding $122 per tonne after the early October holidays, however, which suggests that China might finally be big enough to...

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