Copying and distributing are prohibited without permission of the publisher

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.

Please log in using your online subscriber details.
Your username will be your registered email address with Metal Bulletin.

If you aren't a subscriber yet, feel free to take a seven day free trial, or subscribe using the instructions below.

A standard subscription include one year's worth of news and prices. You can also upgrade to the full archive and benefit from more than 13 years of intelligence. Start your subscription today.

Free trial

Taking a free trial will give you open access to Metal Bulletin online news, prices, archived content and email alert service for the next seven days. Start your free trial today.

Free trial

Already have an account?

Ferrous

May 16, 2012 13:06 DAILY SCRAP REPORT: Romanian offers fall on weak activity
May 16, 2012 12:59 Ferrous scrap offers into SE Asia down $10 per tonne
May 16, 2012 11:25 Japanese ferrous scrap prices continue to fall
May 16, 2012 04:30 British Columbia scrap export rules to be tightened
May 16, 2012 00:23 Ban on electronic scrap exports would hurt jobs, US ITC says

Comment & analysis

COMMENT: Keep calm and carry on?

The decision of the Indonesian government last week to uphold the ore export ban and taxes from May 6 has failed to calm the nervous market. So far, both producers and buyers have displayed an impressive tolerance level to the export uncertainty. But how long will their patience last?
TREVOR TARRING: The baby and the bathwater

“Don’t throw out the baby with the bathwater” is a well-known adage.
MAN OF STEEL: The only way is down

Bleak news wherever we look. We see examples of low prices for all steel products being achieved in China, India, Brazil, the USA and Europe. The Russian market is weak and the CIS mills are now eyeing all export markets to get rid of serious tonnage.