It is reported that Chinese steelmakers have started to purchase American scrap, since the latter switches to Asian market from Turkey.
Recently, Shagang placed an order for 3 batches of HSM 1&2 from America at the strike price of USD 495 per tonne CFR.
Disappointed by the low quotations offered by Turkish Purchasers, US scrap suppliers shift to Asian market. As luck would have it, Japanese scrap price swells continuously at the moment forcing Chinese buyer to choose other competitive replacement.
Last week, Japanese heavy scrap 2 is quoted at USD 500 per tonne to USD 510 per tonne CFR; heavy scrap at USD 520 per tonne CFR. Heavy scrap in Chinese domestic market stays at USD 565 per tonne to USD 574 per tonne.
Since mid-January, Chinese steelmakers presents inactively in the market. This time, American may spur up their passion.
( Source: www.steelguru.com )