Jiangsu based scrap distributors on cross roads - 02 Jul, 2008
It is reported that the purchasing price of scrap in Jiangsu began to drop since last week and the scrap purchasing price of Xingcheng Steel and Nantong Baori Steel dropped by CNY 20 per tonne to CNY 100 per tonne.
Price in Changzhou dropped by CNY 80 per tonne down by CNY 40 per tonne for Jiangyin and CNY 50 f per tonne for Nanjing.
The tumbled price brings more pressure to the local scrap distributors. Scrap price hit new high continuously since this year and the sharp rising price made scrap distributors at a loss.
The main reason for this was the domestic inflation, goods price rising especially the raw material price rising. Pig iron price began to climb continuously pulled by coke and iron ore price rising, then the steel price climbed all the way, followed by scrap price hike.
