STEEL MILLS IN EASTERN CHINA RAISE BUYING PRICES OF SCRAP BY US$ 10.60

Steel mills in eastern China raised their ferrous scrap buying prices as rebar prices recovered over the past few weeks. 

Jiangsu Shagang Group, the largest scrap user in China, raised its buying prices by Yuan 70/mt ($10.60/mt) on Tuesday, a company source said. 

The mill has raised its buying prices for the first time since the last increase in mid-August. 

Now Shagang will pay Yuan 1,060/mt, including 17% value added tax, delivered to Zhangjiagang, Jiangsu province, for heavy melting scrap at least 6 mm thick.

Shagang increased its buying prices in view of the increase in rebar prices over the past few weeks, admitted the source.

In Shanghai's rebar spot market, prices of 18-25-mm diameter HRB400 rebar Friday were assessed at Yuan 1,840-1,880/mt theoretical weight, up Yuan 205/mt since December 18.

Yonggang Group, also in Jiangsu province, held its buying prices of high quality heavy melting scrap at least 8 mm thick, unchanged at Yuan 1,080/mt, including VAT, delivered to Zhangjiagang. 

Maanshan Iron and Steel (Magang), the biggest steel producer in Anhui province, increased its buying prices of plate cut-offs at least 6 mm thick by Yuan 60/mt to Yuan 1,100/mt, including VAT, delivered to Maanshan, Anhui province.