SHANGHAI Chinese steel
mills and traders are reluctant to book overseas scrap cargoes
as prices have jumped.
"Suppliers may have expected
that China would import more scrap for Chinese New Year
restocking, but we have slowed the pace," a Shagang Group
Shagang bought a bulk U.S.
shredded cargo for $430 per tonne c.f.r. China last week,
sending AMMs West Coast Ferrous Scrap Export
Index for an 80/20 mix of No. 1 and No. 2 heavy melt up 3.1
amm.com, Jan. 14).
Bulk offers for U.S. HMS 1&2 (80:20) have since risen,
although Shagang cut its bid to about $420 c.f.r., the source
told AMM sister publication Steel
A version of this article was first published by AMM sister
publication Steel First.