It is reported that China scrap import market has been performing bleak since mid January. Currently, the US produced HMS1 is quoted at USD 460 per tonne to USD 465 per tonne and Japan H2 is priced at USD 440 per tonne to USD 445 per tonne.

The import price has climbed up around 40 dollars compared to the January 2011. Besides the steel and scrap market weakness in domestic market also clouds the purchasing activities of buyers.

Part of mills in Jiangsu province, Zhejiang province or Shanghai disclose that they prefer to place the orders of domestic-produced scrap suppliers, citing that the imported scrap need being processed. Therefore, majority steel mills withdraw from the import market when the US's HMS1 cost re-hit 460 dollars per tonne.

(Source: www.steelhome.cn/en)
China steel information centre and industry database