Falling steel price clouded China's scrap market in May, with the price drop of CNY 100-200 per tonne. Part medium-and-small-sized steelmakers suspended the scrap bookings, and market transaction turned insipid. International scrap price also suffered price drop, but the whole level remained high. Growth rate of China's scrap imports slowed down.

China's scrap spot resources will keep tight in June as a result of busy farming season and sellers' holding resources on hand. On the rally of steel price, part steel mills will replenish scrap stocks in June, thus, scrap price in China will inch upward.

I Review on China scrap market in May 2010

I.1 China-produced scrap market price collapsed
I.2 Steel price collapse clouded scrap transaction
I.3 Steelworks' scrap inventories & purchase price adjustment
I.4 International scrap prices decreased as a whole

II Outlook on China scrap market in June 2010

II .1 Scrap resources in China to remain tight
II .2 Weak scrap import to proceed
II .3 Domestic scrap demand expected to warm up
II .4 International scrap price to stabilize gradually
II .5 Pig iron price to climb up slightly
Table 1 6 -10mm Scrap purchase price adjustment in May
Graph 1 China 6-10mm scrap prevailing price in 2009-May 2010
Graph 2 Scrap price VS rebar in East China in 2009-May 2010
Graph 3 Scrap use & inventory of steel markers in 2009-Apr.2010
Graph 4 Japan domestic scrap average price in 2009-May 2010
Graph 5 China scrap import & import price in 2009-Apr.2010
Graph 6 China scrap import price in 2009-May 2010
Graph 7 China iron/steel ration curve in 2009-Apr. 2010

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