Eastern Chinese steel mills drive ferrous scrap prices up

Nov 05, 2010 | 12:43 PM | Ginger Ding

Several steel mills in eastern China have hiked heavy scrap prices following the recent rally in steel tags.

Suzhou Steel Group Co. Ltd. raised offers by 30 yuan ($4.50) to between 3,060 and 3,090 yuan ($460 to $464) per tonne, while Nantong Baori Steel Wire Mfg. Co. Ltd., a Baosteel Group Corp. subsidiary, hiked offers by 60 yuan ($9) to 2,960 to 3,060 yuan ($445 to $460) per tonne. But Shagang Group Co. Ltd., China's largest....

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