Steel mills halt ferrous scrap imports in weak domestic market
May 24, 2012 | 03:48 PM
SHANGHAI, China - Chinese steel mills have halted scrap imports after prices rose beyond what mills can afford in a weakening domestic market.
Though scrap offers to China fell this week, prices are still too high for Chinese buyers, given the fall in domestic scrap prices over the past few weeks, tracking the downfall of steel, a scrap trader in Shanghai said.
Offers for an 80/20 mix of U.S. No. 1 and No. 2 heavy melt were at $450 to $460 per tonne c.f.r. China Wednesday, off $10 from a week earlier.....
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