It is reported that scrap market in East China's Shandong rose up further. And Laiwu Steel a leading steelmaker in the province has raise up purchase price further by CNY 100 per tonne with latest price offered at CNY 3950 per tonne for No 1 heavy scrap, CNY 3910 per tonne for No 2 heavy scrap and CNY 3868 per tonne for small scrap.

The price hikes in Shandong will inevitably drive up the market nearby.

Mysteel attributes the price rise to scant supply and low inventories, and this condition would continue in days to come. However, the latest slack transactions in steel market weigh on the scrap price rise.

Mysteel believes that scrap market would maintain strong operations in short term in the province.