Prices for import scrap prices in China have been moving up steadily since the market resumed work after the holiday. More suppliers from different countries like Japan, Singapore, South American countries, Europe, etc., have been seeking to sell to China, seeing the positive outlook in this market.
The workable price level for import HS (or P&S scrap) has reached $470/mt CFR, up by $5/mt from Thursday, February 18, while most offers have hit and exceeded $480/mt CFR. According to sources, there is a rumour about a deal from the EU at $470/mt CFR. Also, offers from South America and Singapore are at $480/mt CFR, while Japanese suppliers are officially offering at $490/mt CFR. “Prices are going up by $5-10/mt every day,” a source said.
Before the holiday, the tradable price level was at $450-460/mt CFR for Japanese and S. Korean origin scrap, but “for now all target $480/mt CFR,” a source said.