Scrap prices expected to rebound in short term, long-term market still uncertain
This week, China's steel mills continued production cuts, leading to lower rebar output and inventory depletion. While the supply-demand balance is gradually improving, high inventories of steel billets and flat-rolled products persist, creating pressure on operations. The market, after a period of decline, experienced a rebound, which improved sentiment and stabilized scrap steel prices after declining.
The ferrous metal market's rebound drove a rise in both finished steel and scrap prices, boosting market confidence. This improvement was led by the stabilization of rebar prices, which, following previous production cuts, saw a release of pent-up demand. The approaching cooler weather is also expected to support further demand. However, despite these positive signs, the market's fundamental issues remain unresolved overall; while there may be a short-term rise in scrap prices, the long-term development is still uncertain.
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Steel Export Market Prices
Material | Price | Change |
---|---|---|
Stainless Seamless Pipe 304 108*4 mm | $ 2185.31 | 49.05 |
Stainless Scrap 304 Solid | $ 1309.92 | -11.08 |
Stainless Bar 321 60 mm | $ 2210.14 | 27.90 |
Stainless Bar 304 60 mm | $ 1969.53 | 22.35 |
Stainless HR Coil 304/No.1 6.0 mm | $ 1911.47 | 37.93 |