Chinese ferrous scrap price increased in the eastern area. The price increased by 250 yuan per tonne from mid-February after the slow demand season in January-March and inventory adjustment. The higher price could support Japanese scrap market when the Asian leading Chinese price increases though Chinese makers are still reluctant to buy Japanese scrap.Steel makers around eastern China pay 2,100-2,150 yuan per tonne including value added tax for grade similar to H2. The price usually decreases in January-March when steel makers reduce construction materials and decrease scrap consumption due to slower construction demand in cold season. The makers started to increase the scrap consumption after the construction activity recovered the seasonal level.Prices of construction steel products increase in eastern China. The concrete reinforcing steel bar price rebounded by 250 yuan to 2,800-2,950 yuan per tonne from recent bottom in February when the local makers keep the output in line with the actual demand and inventory decreased to normal level. The price is likely to increase under the higher demand in April-June.
Japan Steel Scrap Composite Prices (Sangyo Press)09/28/2023
|50400YEN (-)||52000YEN (-)|
|334.55US$ (-1.27)||345.17US$ (-1.31)|
* Average of electric furnaces steel maker's purchasing price in Tokyo, Osaka and Nagoya (per ton)