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Home > MEPS Steel News - 03.05.2013

ASIAN FERROUS SCRAP MARKET ROUND UP - MEPS

Chinese provincial quotations fell on average by 2.3 percent in April. Domestic traders report that demand for finished steel products has not picked up significantly. Inventories are rising to record levels and market prices are falling, despite high production costs. Baosteel has elected to keep official May ex-works prices flat. MEPS’ sources are divided over the direction of domestic scrap transaction values in May-June period.

Negative price movements were witnessed in two of the four Indian regions researched. The usual, seasonal upturn in end-user demand for finished steel products has not occurred. Market sentiment has been unsettled by the uncertainty surrounding the new BIS quality controls, volatile sponge iron selling figures and a hike in electricity tariff charges. Foreign brokers had mixed success in preventing import quotations declining.

Japanese electric furnace steelmakers issued lower purchasing figures in April. Tokyo Steel Manufacturing, a bellwether for the domestic steel industry, has reduced its HMS2 purchasing prices at all five subsidiaries. The adjustment was executed in three phases. Other electric steel producers have responded with similar sized price decreases. In the Tokyo Bay area, benchmark FAS prices for HMS2 graded material stood at Yen32,000-32,500 per tonne in week 16. Exporters based in Chubu, Kansai and Kanto expect the downward price trend to continue in the short-term.

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

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