By Anil Mathews (ScrapMonster Author)
March 30, 2016 01:07:59 AM
BEIJING (Scrap Monster):The steel mills in Eastern China region have announced further hike in scrap purchasing prices. The rise in scrap buying prices is mainly on account of the rise in domestic rebar prices. The scrap prices had declined last week after hitting six-month highs during the week prior to that. Market sources anticipate that the scrap buying prices are likely to sustain the momentum during forthcoming weeks.
Jiangsu Shagang Group has announced a hike of Yuan 50 per mt in scrap buying prices on Tuesday, following earlier hike of Yuan 500 per MT. Post hike, the purchasing price for heavy melting scrap with thickness 6mm and above by Shagang Group will be Yuan 1,310 per mt, inclusive of VAT delivered to Zhangjiagang. The mill has increased the scrap buying price by Yuan 100 per mt since last Tuesday.
Yonggang Group in the same province also increased the scrap purchasing prices of heavy melting scrap 8mm and above by Yuan 50 per mt delivered to Zhangjiagang. Post hike, the scrap purchasing prices were at Yuan 1,360/mt, including VAT, delivered to Zhangjiagang.
Zenith Steel too announced that purchasing price of heavy melting scrap of thickness 6 mm and above for deliveries to Changzhou will be increased by Yuan 50 per mt. After price hike, the scrap purchasing prices will be Yuan 1,250/mt, including VAT, delivered to Changzhou.
Meantime, Maanshan Iron & Steel has decided to hike its scrap buying prices by Yuan 50 per MT. The company’s buy price for plate cut-offs with thickness 6mm and above now stands at Yuan 1,360 per mt, inclusive of VAT for deliveries to Maanshan. The company had increased the purchasing prices by Yen 50 per MT during previous week also.