SteelHome China Ferrous Scrap Price Index was 115.36 points on October 9th 2012, up by 3.87% WoW from one week earlier or up by 6.28% MoM.
On October 9th 2012, average price of 6mm to 10mm scrap in China was CNY 2, 685 per tonne, up by CNY 23 from last trading day.
In South central China's Fujian, Sansteel and Sanbao Steel announced to raise their purchase prices by CNY 60. In East China's Jiangsu and Jiangxi, Xicheng Steel and Pingxiang Steel raise purchase prices by CNY 100 when Shandong Shiheng Special Steel uplift purchase price by CNY 180.
The recovery in prices is primarily due to a tight spot market in which mills and traders have little stocks at hand. In the meantime, overall rises in steel and iron ore markets (seaborne price break USD 115 already) encourage the circle. Buying incentive from medium small mills is rising.
Source - www.steelhome.cn/en
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