Ferrous buying prices steady in China (UPDATE)

Jul 01, 2011 | 03:40 PM |

Tags  ferrous scrap, China, baosteel, shagang, michael marley

SHANGHAI, China — China’s largest steelmakers are keeping their ferrous scrap buying prices steady despite reports of falling international prices amid tight supplies of the material in their home market.

Prices for heavy melting scrap in eastern China are 3,800 to 3,870 yuan ($588 to $598) per tonne, little changed from a week ago.

Baosteel Group Corp., China’s top steelmaker, is offering a basic bid of 3,510 yuan ($543) per tonne for July, unchanged from June, the company said.....

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