China’s ferrous scrap market plummeted over the past three weeks due to destocking pressure on sellers coupled with low procurement rates among mills, which sent prices to their lowest in close to two years.

After one false start, the International Rebar Exporters and Producers Assn meeting kicked off in Budapest this week. It wasn’t particularly pretty.

China’s daily crude steel production extended its rebound in mid-October and reached 1.999 million tonnes, a five-month high.

China’s daily crude steel production extended its rebound in mid-October and reached 1.999 million tonnes, the highest since late May.

The new round of sanctions imposed by the United States on November 5 is expected to cut Iranian steel exports further, gradually leading to lower Iranian steel output, market sources believe.

Chinese steel prices have risen this year due to capacity cuts and strong demand from major downstream industries.

Metal Bulletin reviews the major stories affecting the steel market over the past week.

If US President Donald Trump approves Section 232 recommendations made by the country's Commerce Department, it could threaten the European steel market with export reduction and the growth of redirected import flows, sources told Metal Bulletin.

Steel billet prices in most global markets either held steady or continued to weaken during the week from Monday April 23 to Friday April 27 after global trading activity ebbed away amid soft demand.

The world’s billet markets became uncertain last week, with sentiment starting to weaken amid higher availability of China-origin material and volatility in the East Asian country’s domestic prices.