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Home > MEPS Steel News - 01.03.2012


Chinese provincial quotations for scrap declined on average by 0.6 percent during February. Domestic traders remain bullish over the pricing outlook for the first half of 2013. The economy is reviving due to the recent government measures.

Different price scenarios were witnessed in the four Indian regions researched by MEPS. Buying activity by domestic steel mills is dull. Negotiations for March settlements are expected to be arduous. Foreign suppliers are expected to resist calls for them to lower their import quotations, due to healthy demand from other global markets. The government has signalled it is prepared to levy an import duty on scrap material.

Japanese electric furnace steelmakers issued higher purchasing figures during February. Tokyo Steel Manufacturing, a bellwether for the domestic steel industry, has raised its HMS2 purchasing prices at all five subsidiaries to secure material. The upward adjustment was executed in six phases. Domestic supplies had tightened due to firm export shipments.

Taiwanese steelmakers, operating electric furnaces, were in no immediate hurry to procure scrap material. Buying interest was unsettled by the Lunar New Year holiday and weak construction activity.

The pricing environment remains challenging in South Korea. Hyundai Steel, the country’s largest scrap buyer, reduced its purchasing prices for all grades by KRw10,000 per tonne in week 7. Nevertheless, several brokers are anticipating higher prices in March. The price premium for domestic scrap material relative to imports has contracted to $US13 per tonne.

Source: MEPS - Ferrous Scrap Review  Also see: MEPS - Scrap Price Table

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