Ferrous scrap prices firming in China as supply tightens

Sep 29, 2009 | 10:50 AM |

Ferrous scrap prices in China have firmed slightly thanks to short supply, according to market sources.

The latest sales were completed this week at 2,600 to 2,650 yuan ($381 to $388) per tonne for heavy scrap, up 50 yuan ($7) from two weeks ago. A few steel mills even paid 2,700 yuan ($395) per tonne to replenish stocks for production during the National Day holiday.

"Some bullish scrap dealers prefer to stay out of the market in anticipation of rebounding steel prices after the holiday," one analyst said, "and steel mills in some regions have continued to build up more stocks for holiday production."....

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