Jiangsu Yonggang Group raised buying price of ferrous scrap by Yuan 50/mt ($7.60/mt) Sunday, as it seeks to attract sellers amid a need to restock, a company source said Monday.
Its buying price was Yuan 1,380/mt for heavy melting scrap III 8mm and above thick and Yuan 1,430/mt for HMS I after the adjustment, including VAT and delivered to Zhangjiagang.
"Scrap prices might continue to rise as many traders have been selling at a loss," said the source. "Trader inventories aren't high."
Small-scale induction furnaces in eastern and southern China have also recently increased scrap buying prices in a bid to lure sellers.
