Import scrap prices in China have already reached their peak at $510-515/mt CFR in deals done in the middle of this week, according to market sources. A few deals for 2,000-3,000 mt of Japanese HS scrap were done by traders at $510/mt CFR and $515/mt CFR China on Wednesday and Thursday. “Chinese finished steel prices fell today, so it will be hard to achieve above $500/mt CFR now,” a source said.
On Friday, there have been reports of an ex-Japan HS booking at $500-505/mt CFR, which reflects the current market conditions.
Average local rebar prices have lost RMB 70/mt ($11/mt) today, March 5, coming to RMB 4,700/mt ($724/mt) ex-warehouse, according to SteelOrbis data.
$1 = RMB 6.4904