Metalnewsnet 20 Jan:

China will launch its first scrap price index on the Nanning (China-ASEAN) Commodity Exchange in March this year, which steel insiders claim would help both China, the world's largest scrap consumer, gaining dominance in the price-setting for scrap worldwide and domestic steelmakers fixing their costs and reducing business risks through the e-commerce platform.

China consumed about 80 million tons of scrap last year, with a transaction value of up to 200 billion yuan, and is expected to use more in the future. The release of the price index would also catalyze a shift in the steel industry towards a low-carbon and recycling economy as ferrous scrap, an alternative raw material to iron ore, is recyclable and more environmentally friendly in the process of steelmaking.