China’s steel billet and slab imports in October decreased compared with September due to lower prices than other importers, although they maintained year-on-year rises.

Nearly two months after Chinese steel mills were verbally notified to halt imports of Australian coal, market participants and industry analysts tell Fastmarkets about the consequences of the ban and their predictions for its future.

The recent surge in copper prices might not lead to swathes of scrap being suddenly released into the market, as happened after a similar situation nearly a decade ago, sources told Fastmarkets this week.

Base metals prices on the London Metal Exchange were once again mainly stronger this morning, Tuesday December 1, helped by strong Chinese Caixin manufacturing purchasing managers’ index (PMI) data, but Shanghai Futures Exchange prices were more polarized.

A number of Chinese dealers and business entities are taking over Japanese scrapyards, or setting up scrap businesses in Japan, to secure sufficient supply of the steelmaking raw material for steel mills in China, market sources told Fastmarkets this week.

Base metals prices were mainly stronger this morning, Monday November 30, helped by strong Chinese manufacturing purchasing managers’ index (PMI) data and a weaker dollar, but some of the metals are starting to look tired.

Global ferrous scrap prices continued on an upward trend due to supply tightness and strong demand by steelmakers in the week ended Friday November 27.

Vietnamese scrap buyers have continued sourcing import cargoes amid supply tightness and stable demand in the week to Friday November 27, market sources told Fastmarkets.

The base metals remain buoyant on good volumes this morning, Friday November 27, but equity indices were looking mixed.

Markets were generally buoyant this morning, Thursday November 26, with more certainty on the horizon than of late, helped by US president-elect Joe Biden’s transition to the White House and with a rollout of the vaccines now insight, if things go according to plan.