Turkish deep-sea scrap import prices have increased sharply since China decided to remove the export tax rebate on some steel products. But demand among major scrap importers in Asia was still limited because of upcoming holiday periods in the region.

The world is looking for cleaner metallics. That has been the undeniable tenor from the steel industry for months. The United States already makes a majority of its steel via the cleaner electric-arc furnace production method, and European steelmakers have announced similar investments. In China, the government is cracking down on high-polluting steel output, and it recently announced the removal of import tariffs on clean metallics such as ferrous scrap and pig iron.

Sustained demand for containerized ferrous scrap imports in the key Taiwanese market should continue to support prices in the near term, market sources told Fastmarkets.

As the US steel market continues to build up steam, can the promise of new capacity in 2021 lead the way to a steel price correction?

China imported 31,496 tonnes of steel scrap in March of 2021, with 20,493 tonnes, or 65.1% coming from Japan, according to the country's General Administration of Customs.

Prices for higher grades of steel scrap exported from Japan continued to increase over the past week, underpinned by a strong appetite in the domestic market, sources told Fastmarkets this week.

Spot prices for imported ferrous scrap in China were stable on Friday April 16 even with Chinese steel mills continuing to seek out cargoes of HRS101, the Chinese grade for plate and structural scrap.

Turkish steel mills have extended their silence in the deep-sea scrap market due to limited finished long steel demand, especially in the domestic market, participants told Fastmarkets on Thursday April 15.

Major global steel scrap markets have started to level off in recent days following sharp increases in the preceding few weeks.

Chinese ferrous scrap buyers are considering higher bids for imported heavy scrap, with steel mills in both east and northeast China looking to purchase more quantities in the coming weeks.