Israeli Factory Agrees to Stop Using Certain Hazardous Chemicals

Ferrous scrap prices in eastern China have held steady for the second straight week, as steel mills in the region were stepping back to see what would happen next.

S&P Global Platts assessed heavy melting scrap 6 mm and above thick Friday at Yuan 1,390/mt ($209/mt), including 17% value added tax (VAT), delivered to Zhangjiagang, Jiangsu province, unchanged from a week earlier.

Jiangsu Shagang Group, the largest scrap consumer in China, continued to hold its buying price of heavy melting scrap 6 mm and above thick unchanged over the past week.

Shagang's buying price was at Yuan 1,390/mt, including 17% VAT, delivered to Zhangjiagang, Jiangsu province.

Yonggang Group, also in Jiangsu province, maintained the price of high quality heavy melting scrap with thickness of 8 mm and above at Yuan 1,460/mt, including VAT, delivered to Zhangjiagang.

Changzhou-based Zenith Steel kept its buying price of heavy melting scrap at least 6 mm thick unchanged at Yuan 1,350/mt, including VAT, delivered to Changzhou.

Maanshan Iron and Steel or Magang, the biggest steelmaker in Anhui province, held its buying price of plate cut-offs 6 mm and above thick steady at Yuan 1,440/mt, including VAT, delivered to Maanshan, Anhui province.

"Scrap processors are waiting on the sidelines now as they also doubt whether the steel price increase will continue," said a source at an eastern Chinese mill.

In Shanghai, spot prices for 18-25 mm diameter HRB400 rebar were assessed Friday at Yuan 2,140-2,210/mt theoretical weight and including VAT, up Yuan 110/mt on the week.