SCRAP PRICES INCREASE IN CHINA FOR THE FIRST TIME IN 5 MONTHS, TO US$ 161

Ferrous scrap prices increased for the first time in five months in eastern China as rebar prices continued their uptrend after a brief correction.

Platts assessed heavy melting scrap 6 millimeters and above thick Friday at Yuan 1060/mt ($161/mt), including 17% value-added tax, delivered to Zhangjiagang, Jiangsu province, up by Yuan 70 ($11) from a week earlier.

Jiangsu Shagang Group, the largest scrap user in China, raised its buying prices by Yuan 70/mt on Tuesday.

Now Shagang will pay Yuan 1,060/mt, including 17% VAT, delivered to Zhangjiagang, Jiangsu province, for heavy melting scrap 6 mm and above thick.