SMM

SHANGHAI, May 11 (SMM) - The average daily steel scrap arrival across 110 steel mills surveyed by SMM stood at 244,000 mt in April, down 2.2% from 249,400 mt in March. As of April 30, the steel scrap inventory carried by the mainstream steel mills was 2.32 million mt, down 5% MoM. In April, EAF mills cut their production on crashing steel prices, hence their steel scrap purchasing volume decreased greatly. Besides, the loss-making BF mills also reduced their output and the scrap demand. On the other hand, scrap producers had to cut their raw material purchases and the scrap production as the steel scrap prices were also on a downward trend. In May, the steel mills may still carry out production cut plans, and the scrap arrivals at the mills will remain low.