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China's steel mills reduce ferrous scrap bids

July 06, 2009 - 09:25 GMT Location: Shanghai

KEYWORDS: scrap , steel

Major Chinese steel mills have ample ferrous scrap stocks and have reduced their bidding prices for new deliveries, market participants told MB.

Shagang, China's largest private steelmaker, cut its heavy scrap bidding price by 120 yuan ($18) per tonne for July deliveries after building up sufficient stocks. "Shagang has raised its long product sales prices but dropped its scrap buying prices as it is not worried about stocks. I've heard there were nearly one hundred trucks carrying scrap waiting outside the mill in recent days," said a source...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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Ferrous

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