July imports of steel scrap to South Korea increased both on a month-on-month and year-on-year basis following another strong month in June, according to data from the Korea International Trade Association.

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Fastmarkets today launches two daily indices for cfr China ferrous scrap prices, reported on a US-dollar-per-tonne basis.

Aluminium premiums in Japan dropped by an average of $2.50 per tonne to $175-190 per tonne on Friday August 13, from $180-190 per tonne on August 10, with low buying interest weakening demand in recent weeks.

Global commodity prices are expected to stay high in the short term and China will continue to take measures to ensure supplies and stabilize prices, China’s National Bureau of Statistics said on Monday August 16.

Global ferrous scrap prices have continued to fall in the week to August 13 due to high freight rates, Covid-19 outbreaks in importing countries and poor downstream steel demand.

The union at Escondida and BHP, the Chilean copper mine’s majority shareholder and operator, have agreed to extend wage negotiations until Friday August 13, so a deal can be signed and a strike averted.

Spot prices for imported containerized ferrous scrap in Taiwan started rebounding in the week to Friday August 13 due to increasing seller reluctance to offer lower prices given the widening price gap with bulk cargoes, market sources told Fastmarkets.

Members of the China Iron & Steel Association (Cisa) cut their crude steel, finished steel and hot metal production rates in the first 10 days of August compared with the preceding 11 days, according to data published by the association on Friday August 13.