Steel scrap market report May 2012

Overall domestic steel scrap rates had slightly decrease this week and prices decreased by RMB50-450/t. Mainstream steel enterprises burden fines purchase rates were at RMB3,120-3,140/t VAT included and paied by cash in Jiangsu province.Asian Metal Copyright Large steel scrap consumption existed in both Jiangsu and Fujian province.Asian Metal Copyright Large steel scrap consumption existed in both Jiangsu and Fujian province. Local steel enterprises had to decrease steel scrap purchase prices as there were lots of electric furnace and the steel making cost remained at high level and quotations of HMS were at RMB3,100-3,120/t VAT included delivered, while northern steel market saw extremely sporadic with numbers of HMS 4-6mm min were at RMB3,100-3,120/t VAT include delivered in Tianjin and RMB3,120-3,140/t VAT included delivered in Liaoning.Asian Metal Copyright Local steel enterprises had to decrease steel scrap purchase prices as there were lots of electric furnace and the steel making cost remained at high level and quotations of HMS were at RMB3,100-3,120t VAT included delivered, while northern steel market saw extremely sporadic with numbers of HMS 4-6mm min were at RMB3,100-3,120t VAT include delivered in Tianjin and RMB3,120-3,140t VAT included delivered in Liaoning.Asian Metal Copyright