September 08, 2008

Scrap price in Jiangsu in continuous upswings

It is reported that scrap market in Jiangsu Province has stepped into an upward stage. Steelmakers raise purchase prices in succession.

Xingcheng Special Steel pulled up price by CNY 80 per tonne with latest price standing at CNY 3850 per tonne for quality scrap and CNY 3660 per tonne for heavy scrap after a CNY 50 per tonne rise recently.

As per report some steelmakers follow suit. Xicheng Steel has hiked price by CNY 70 per tonne with quality scrap quoted at CNY 3750 per tonne. Changzhou Zhongtian has raised price by CNY 80 per tonne. Latest price is offered at CNY 3700 per tonne for first grade charging quality scrap and CNY 3680 per tonne for second grade charging quality scrap.

Other steelmakers now remain waiting and see. But continuous price advances have strengthened suppliers' confidence in future market. Steelmakers nearby are expected to adjust prices upward.

(Sourced from MySteel.net)