Chinese steel scrap prices reach 9.5-year high
Apr 29, 2021 16:30
See Full-size Table Here
Robust demand and bullish market sentiment have seen Chinese steel scrap prices keep on strengthening, with Mysteel’s steel scrap price index reaching a 9.5-year high on April 28 of Yuan 3,435/t ($530.7/t) on delivery and including the 13% VAT, higher by Yuan 65/t on week or by Yuan 190.2/t on month.
main reasons behind the rising prices of steel scrap are the roaring demand for
feeds among domestic steelmakers and the continuing strength of finished steel
prices,”a Shanghai-based market watcher commented.“Also, the rise
in scrap prices has shadowed the increase in prices of other steelmaking raw
materials such as iron ore and coke,”she added.