East China scrap market sentiment fragile, prices dip

摘要

Falling finished steel prices and sluggish demand for scrap triggered panic in eastern China scrap markets Thursday and caused prices to drop further in the region, sources told Platts Steel Business Briefing. “The market is bad and we have little business to do for the moment as mill purchasing volumes have seen obvious shrinkage,” a Jiangsu-based trader complained. “I'm not sure when scrap prices will hit bottom, but there could be a further decline of Yuan 50-100/mt in the next few weeks,” he predicted. That would be a drop of 8-16 dollars/mt.