Chinese steel mills might soon restock scrap

Nov 30, 2011 | 02:49 AM |

Heavy ferrous scrap prices in China could stabilise and begin to edge up soon, as Chinese steel mills face the need to restock for production.

Mainstream prices of heavy scrap in eastern China stood at 3,350-3,400 yuan ($525-533) per tonne inclusive of tax on Wednesday, little changed from a week ago.
Chinese steel mills have stayed out of the scrap market for the past two weeks, with the downbeat steel market making them hesitant about scrap purchases. ....

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