By Vibin Antony
The prices for steel and stainless steel scrap in China dropped in line with HRC steel prices at Shanghai Future Exchange.
Slowing construction activities in northern China due to cold temperature have cut demand for steel products, while persistently tight liquidity in the new year has constrained traders' restocking.
Major steel and stainless scrap commodities in China showed a negative trend on Scrap Register Price Index as on Wednesday.
According to the Price Index, Chinese stainless steel 201, 301 and 316 solid and #1HMS steel scrap prices dropped on Thursday.
As of 9:45 IST on Friday, the most active HRC steel contract on Shanghai Futures Exchange traded down by RMB 8 a ton to RMB 2,666 a ton, while the steel rebar prices traded up by RMB 10 a ton to RMB 2,505 a ton.
In addition, Japanese-origin HRC steel offers stood above $490 a ton CFR Vietnam, but failed to attract many buyers at this level.
Offers from South Korean and Japanese mills into Indonesia (which has AD duties against Chinese HRC), were in the $515-520/t range, but participants noted mills were ready to cut deals at $10-15/t lower if prompted with serious buying interest.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
The prices for steel and stainless steel scrap in China dropped in line with HRC steel prices at Shanghai Future Exchange.
Slowing construction activities in northern China due to cold temperature have cut demand for steel products, while persistently tight liquidity in the new year has constrained traders' restocking.
Major steel and stainless scrap commodities in China showed a negative trend on Scrap Register Price Index as on Wednesday.
According to the Price Index, Chinese stainless steel 201, 301 and 316 solid and #1HMS steel scrap prices dropped on Thursday.
As of 9:45 IST on Friday, the most active HRC steel contract on Shanghai Futures Exchange traded down by RMB 8 a ton to RMB 2,666 a ton, while the steel rebar prices traded up by RMB 10 a ton to RMB 2,505 a ton.
In addition, Japanese-origin HRC steel offers stood above $490 a ton CFR Vietnam, but failed to attract many buyers at this level.
Offers from South Korean and Japanese mills into Indonesia (which has AD duties against Chinese HRC), were in the $515-520/t range, but participants noted mills were ready to cut deals at $10-15/t lower if prompted with serious buying interest.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
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