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BEIJING (Scrap Monster): In China, market confidence was unsettled by weak demand for finished steel products. Local mills reduced their purchasing prices ahead of the country’s week-long national holiday.

Collection rates were downgraded as a result. Looking forward, traders are not expecting a strong rebound in transaction values in February. 

Price growth was noted in India following a sharp upward adjustment in other input costs – particularly, pencil ingots, DRI and pig iron. Importers intend to steer clear of large purchases in February, following the depreciation of the rupee against the US dollar and mediocre sales of finished steel products.

Transaction values in Japan fell for the first time in two months. Tokyo Steel Manufacturing lowered its HMS2 buying prices at all subsidiaries after fulfilling stock targets. Demand for finished steel has not improved. Domestic selling figures are expected to fall further in February.

South Korean steelworks were unmoved by the latest import offers. Inventory levels were sufficient to cover planned production. Despite this, offers from US dealers edged higher on the back of the uptrend in global markets.

Taiwanese mills maintained conservative purchasing policies in January, amid high import prices and weakness in the long product markets. Looking forward, local traders are divided over the future trend of foreign material offers.