Major steelmakers in Hebei province have raised up purchase price for scrap by CNY 100 to CNY 200 per tonne on back of the sharp steel price rise as well as the anticipation for higher price in scrap market.

Shougang's purchase price rises accumulated to CNY 200 per tonne, with latest price offered at CNY 3680 per tonne for heavy scrap, CNY 3630 per tonne for medium scrap and CNY 3540 per tonne for small scrap, Tianjin Pipe lifted price by CNY 120 per tonne, base price is quoted at CNY 3670 per tonne for number 1 heavy scrap, CNY 3660 per tonne for number 2 heavy scrap and CNY 3640 per tonne for medium scrap.

Tianjin Tiangang and Xintai Iron & Steel hiked prices by CNY 100 per tonne, leaving EXW price at CNY 3630 per tonne for heavy scrap by Tianjin Tiangang and CNY 3780 per tonne for medium scrap by Xintai Iron & Steel.

Tangshan Iron & Steel raised up price by CNY 150 per tonne, pushing latest price to CNY 3600 per tonne for heavy scrap.

Current scrap price in northern China still stands lower than the peak level. Scrap market in Hebei is set to firm up in near future due to the scant supply and anticipation of price advances for pig iron.

(Sourced from MySteel.net)