China holds off on US scrap imports as prices rise
Dec 15, 2011 | 02:05 AM
Chinese steel mills and scrap traders have shelved US scrap imports, due to high prices and sluggish downstream steel market.
Most Chinese buyers had already slowed imports when prices of US HMS 1&2 (80:20) scrap reached $440-460 per tonne cfr Chinese ports, but after prices to Turkey surged to $450 cfr, many have stopped buying altogether.
The high prices to Turkey means that prices to China could be above $475 cfr, which is way above Chinese buyers expectations, a steel mill source in Shanghai said. "Chinese steel mills are only comfortable with the prices up to $450 cfr at the moment," he said. We could easily lose money due to the time cost and fluctuations of exchange rates, if....
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