Gu Liyong, CEO of Shanghai, China-based Chiho-Tiande Metals has said that import scrap accounts for 90 percent of the company's scrap purchases, the China-based AAStocks news website has reported.
According to the same report, Chiho-Tiande Metals is developing its focus on the mainland Chinese market and is negotiating some acquisitions. A new company jointly held by Chiho-Tiande Metals in the city of Tianjin, China is expected to come on stream late in the current year, with a scrap processing capacity of 0.25-0.30 million mt.