China's Shagang hikes scrap buying price to 33-month high to build stocks

China’s biggest ferrous scrap consumer Shagang has raised its purchase price for the steelmaking raw material to a near three-year high, as mills start winter restocking.

The mill in east China, which is also the country’s largest privately owned steelmaker, has been paying 1,880 yuan ($283.75) per tonne for heavy scrap no less than 6mm in thickness delivered to its facility from Saturday October 21.

The latest price, up 60 yuan per tonne from its previous adjustment on October 13, has surpassed the...

Published

July Zhang

October 23, 2017

10:10 GMT

Shanghai