The approaching one week long May Day holiday caused local Chinese mills to begin increasing their
scrap procurement prices, according to sources.
A
scrap information center in
Russia said local Chinese mills are considering to pile up
scrap stocks from the local reserves in
China before considering any imports. Heavy melting (HMS)
scrap is currently being offered from the
CIS countries to
China at around $265-270/mt CFR
China level nowadays.
However, the price of HMS in East
China is around $253/mt. Nevertheless, some local mills have already raised their procurement prices to $259/mt. One of the leading steel mills in West
China also increased its procurement price for
scrap imported from
Russia and
Kazakhstan by $6/mt to $272/mt.
The price of HMS
scrap imported from
Russia and
Kazakhstan to Xinjiang and Inner
Mongolia was around $210-216/mt in March-end.