It is reported that scrap market ended smooth running recently in Shandong and some steel mills have raised up scrap purchase prices by CNY 80 per tonne to CNY 100 per tonne.

1. Laiwu Steel lifted prices by CNY 80 per tonne, leaving latest prices at CNY 4150 per tonne for No 1 heavy scrap, CNY 4110 per tonne for No 2 heavy scrap and CNY 4068 per tonne for medium scrap.

2. Juneng Special Steel raised up prices by CNY 100 per tonne, pushing latest price to CNY 4010 per tonne for heavy scrap, CNY 3950 per tonne for first grade charging quality scrap.

3. Other mills' prices stay unchanged. And most of them report increasing pressure in stock replenishment.

As per report, the overall scrap price rise in Jiangsu has lent support to the price advance in Shandong. However, local pig iron price appears to be weak at the moment. And Laiwu Steel has lowered pig iron purchase price by CNY 40 per tonne further yesterday to CNY 4790 per tonne.

(Sourced from MySteel.net)