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Eastern China ferrous scrap prices fall on weak long products, iron ore

Eastern China ferrous scrap prices fall on weak long products, iron ore

Ferrous scrap prices fell in eastern China this week, as steelmakers lowered buying prices on weaker long steel products and iron ore prices. Market participants held a pessimistic outlook of prices. Platts assessed heavy melting scrap at least 6 mm thick at Yuan 1,950/mt ($313/mt) including VAT, delivered to Zhangjiagang city in Jiangsu province Friday, down Yuan 20/mt from a week earlier. Jiangsu Shagang, the largest private steel mill and scrap consumer in China, cut buying prices of ferrous scrap by Yuan 20/mt Tuesday. After the adjustment, Shagang's buying prices for heavy melting scrap at least 6 mm thick was Yuan 1,950/mt delivered to Zhangjiagang, including VAT. Changzhou-based Zenith Steel followed suit and reduced purchasing prices of the ferrous scrap by Yuan 20/mt Tuesday. Magang in Anhui province on Friday announced it would cut its buying price by the same amount. After the adjustments, Zenith Steel's buying price for HMS 6 mm and above were Yuan 1,740/mt, including VAT, and Magang's prices of plate cutoffs were Yuan 2,030/mt, including VAT. Yonggang and Dongfang Special Steel kept their buying prices unchanged as they had low inventories. Steel mills and traders mostly expect near-term ferrous scrap prices to continue to drop. "Ferrous scrap prices will remain relatively weak and might go down slightly as longs and iron ore prices fall," an official from a mill told Platts. "The ferrous scrap market is at risk of falling after the Chinese New Year as steel and iron ore prices might reach a seasonal low at that time." As for spot market of finished steel products, Shanghai's 18-25 mm diameter HRB400 rebar was assessed Friday down Yuan 30/mt week on week at Yuan 2,680-2,710/mt, theoretical weight basis and including 17% VAT. The 62% Fe Iron Ore Index was $68.50/dry mt CFR North China Thursday, down $1/dmt week on week. >>

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