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Steel mills in eastern China have raised ferrous scrap buying prices in their first price adjustment since the Lunar New Year holidays, as rebar and iron ore prices recovered.
Jiangsu Shagang Group, the largest scrap user in China, increased its buying price by Yuan 100/mt ($15/mt) on Saturday, a company source said. The mill has held its buying price unchanged for more than a month since the latest increase in mid-January.
Shagang will now pay Yuan 1,160/mt ($178/mt), including 17% value-added tax, delivered to Zhangjiagang, Jiangsu province, for heavy melting scrap at least 6 mm thick.
Shagang raised its buying price in view of the increase in rebar and iron ore prices, said the source. Whether the rise will continue remains unknown, she added.
In Shanghai’s rebar spot market, prices of 18-25-mm diameter HRB400 rebar Friday were assessed at Yuan 1,820-1,860/mt theoretical weight, up Yuan 30/mt compared with pre-holiday levels.
Platts 62% Fe IODEX Friday was assessed at $48.20/dmt CFR China, up $2.70/dry mt from February 5, just before the holiday.
Yonggang Group, also in Jiangsu province, increased its buying price of high quality heavy melting scrap at least 8 mm thick by Yuan 120/mt to Yuan 1,200/mt, including VAT, delivered to Zhangjiagang.
Maanshan Iron and Steel (Magang), the biggest steel producer in Anhui province, increased its buying price of plate cut-offs at least 6 mm thick by Yuan 110/mt to Yuan 1,210/mt, including VAT, delivered to Maanshan, Anhui province.
