General Motors sells scrap to suppliers

General Motors sells scrap to suppliers

According to recent news in the market, General Motors (GM) has started selling scrap back to steel suppliers as the price of the material has risen remarkably in recent times. Scrap prices in US are stated to have increased by twofold since June 2003 fuelled by strong demand from China, which put steel suppliers into difficulty. Moreover, it is stated that certain suppliers of GM filed for bankruptcy protection suffering from rising raw material prices.