Chinese steel scrap buyers have been absent from the import market due to the muted sentiment after some serious environmental inspections at steel mills in Tangshan yesterday, sources said on March 12.

New transactions concluded for containerized steel scrap cargoes sold to Bangladesh fetched lower prices over the past week, sources told Fastmarkets.

Fastmarkets today, Friday March 12, launches a weekly price assessment for drawing-quality steel wire rod for the Polish domestic market.

Base metals prices on both the London Metal Exchange and the Shanghai Futures Exchange were mixed this morning, Friday March 12, with prices generally consolidating after recent weakness/consolidation. A lack of follow-through selling suggests underlying sentiment is still bullish.

Economic and policy experts at aluminium, steel and scrap trade associations are hopeful about demand and policy prospects in 2021, but remain wary about potential problems that could still arise from the Covid-19 pandemic.

Peruvian copper and zinc production fell year on year in January, partially erasing the recovery seen in the fourth quarter of 2020, according to data published by the ministry of energy and mines, Minem, on Thursday March 11.

The three-month nickel price on the London Metal Exchange fell to $15,910 per tonne during morning trading on Tuesday March 9, while the aluminium price slid by 1%, with consolidation mode still in force across the complex as a number of macroeconomic factors affect sentiment.

Base metals prices on both the London Metal Exchange and the Shanghai Futures Exchange were mixed this morning, Tuesday March 9, with prices generally consolidating after recent weakness, while there are cross currents in the form of bond yields, stimulus and inflation expectations affecting sentiment.

Base metals prices on the London Metal Exchange were weaker this morning, Monday March 8, but prices on the Shanghai Futures Exchange were mainly stronger while they caught up with the gains on the LME on Friday.

Steel scrap prices continued to surge this week due to sustained demand from buyers in all markets, with the exception of India. Downstream steel prices have supported raw material price increases in Asia, with buyers melting scrap to feed demand for billet and long steel products.