By Stuart Burns
Chinese demand and a stronger-than-expected Chinese recovery from the first-quarter lockdowns are driving prices.
Recovering demand
Demand collapsed in Q1 during the lockdown but has recovered rapidly in Q2, originally for flat-rolled products as manufacturing for household goods and air conditioning as the high summer temperature approached. Automotive, however, remains somewhat depressed. Long product production has seen a later surge as the market stocks up ahead of an anticipated fall infrastructure demand for construction.
China has not imported significant volumes of scrap since a change in regulations in 2017. Levels