CHINA STEEL SCRAP: Domestic prices inch up on tight supply

Major steelmaker Shagang raised its purchase price for domestic scrap in the week to July 20 after keeping its prices stable for one month, sources told Fastmarkets. Mills in other regions followed suit.

Shagang increased its domestic scrap purchase price by 80 yuan to 3,850 yuan ($593.3) per tonne delivered mill on Saturday July 17, including a 9.2% value-added tax (VAT).

“The supply of domestic scrap has been tight recently due to adverse weather conditions and the suppliers were not very active in selling because they would want the scrap prices to rise further amid the bullish sentiment in finished steel and billet markets,” a Chinese scrap industry...

Published

Tianran Zhao

July 20, 2021

09:27 GMT

Shanghai, Singapore