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Chinese scrap market s looks stable–

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by - 8/5/2011 3596 Views

A brief survey

Chinese scrap markets did not have much movements in the prices last week. The mill owners have raised their purchase prices while on the other hand the suppliers show apathetic in selling their scraps for now. It is forecasted that if the finished steel product prices remains high as now, then the Chinese scrap markets would definitely have firm support.

Reports say that the prices remained unchanged in the last week with second grade scrap being $571/mt across China. Though the prices are on higher levels, the steel mills of China have a great demand for scraps and have been increasing their purchase volume considerably. We can expect the scrap prices fluctuating at higher levels in the coming weeks.

Statistics show that in 2005 the production of crude steel in china was 352 million mt. By 2010, it was raised to 620 million mt and in 2011 it is expected to touch a huge target of 690-700 million mt.

Category : Metal

Tags : Metal Scrap,

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