steel mills remain on the sidelines of the international scrap
market, unable or unwilling to pay higher prices.
"Offers (for an 80/20 mix of
U.S. No. 1 and No. 2 heavy melting scrap) stood high at $435 to
$440 per tonne c.f.r. China, much higher than what we can
afford," a source at Chinas Jiangsu Shagang Group Co.
The steelmakers bid was
about $410 per tonne c.f.r. "We are still relying mainly on our
stocks and domestic scrap," she said.
Japanese HMS 1&2 (80:20) is
currently being offered at $420 to $425 per tonne c.f.r., while
a cargo of Mexican HMS 1&2 (80:20) was offered at $430 per
Few imports have been reported,
a steel mill source in Shanghai said.
Heavy scrap prices in eastern China remained stable at 2,860
to 2,960 yuan ($455 to $471) per tonne March 6, unchanged from
a week ago.
A version of this article
was first published by AMM sister publication Steel