By Paul Ploumis 14 Sep 2015 Last updated at 03:38:48 GMT
BEIJING (Scrap Monster): The steel mills in Eastern China region have announced little change to ferrous scrap purchasing prices. The purchasing prices remained stable primarily due to rising iron ore prices.
Jiangsu Shagang Group announced that scrap buying prices will remain unchanged. Post announcement, the purchasing price for heavy melting scrap with thickness 6mm and above by Shagang Group will continue at Yuan 1,330 per mt, inclusive of 17% value-added tax (VAT) delivered to Zhangjiagang. The company had cut the scrap prices by Yuan 40 per mt during end-August.
Yonggang Group in the same province also kept its scrap purchasing prices unchanged for deliveries to Zhangjiagang, Jiangsu province. Dongfang Special Steel too announced that purchasing price of heavy melting scrap of thickness 6 mm and above for deliveries to Changzhou will remain flat. Also, Anhui-based Maanshan Iron & Steel’s buy price for plate cut-offs with thickness 6mm and above for deliveries to Maanshan will continue to remain unchanged from the previous week.
According to mills in the region, ferrous scrap buying prices are likely to remain stable in the near future, mainly on account of rise in iron ore prices. Also, rebar prices have continued to remain stable in the region post Sep 3-5 holidays. The steel demand in the country is yet to report any significant improvement, mills added.