Scrap prices to remain high on insufficient supplies

Monday, 27 February 2006 15:39:13 (GMT+3)   |  
       

Similar to the iron ore market, the suppliers and consumers of scrap in China are at a stalemate. Steelmakers are reducing their purchasing prices, while traders are not accepting such decreases. However things are slightly different in the scrap market. The result of the international iron ore price negotiations has not yet come out but international scrap prices have already seen sharp increases. Therefore steelmakers are failing to bargain prices. Currently, the price of scrap in Chinese markets is around RMB 1,850-2,000/mt ($230-249) level. In 2005, China consumed 63 million metric tons of scrap, 12 million metric tons of which was imported. In 2006, she is expected to consume 70 million metric tons, including 14 million metric tons of imports. Insufficient scrap supply and high prices are expected to be an obvious characteristic of Chinese markets through 2006.

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