US scrap merchants have followed the upward trend in the finished steel markets over the past week and have raised offer prices for scrap exports to North East and South East Asia. However, given still weak long products demand and continued stiff competition from cheap Chinese steel imports, buyers across the region have strongly resisted these price hikes as it remains very hard for local mills to absorb any increase on the cost side. Instead, mills have adopted a wait-and-see strategy, asking for discounts in prices.
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