Metalnewsnet 19 Jan:

Nanning (China--ASEAN) Commodity Exchange plans to issue out China scrap price index in March, stated ShuYang, board chairman of the exchange at an industry seminar on January 17.

China's scrap price index to be released, attracts Shougang, Baosteel, China Steel Corporation, Bengang, Shagang and other China's steel giants, they heatedly discussed the topic.

Scrap is the most important substitute for iron ore, China is a country which is short of iron ore. Currently, China, the world's largest steel producer, is also the world's largest scrap consumer. In 2009, China's crude steel production is predicted to stand at around 560mln tons, accounting for around 40% of global steel output. In 2009, China's scrap consumption totaled to about 80mln tons. It is predicted that China's scrap consumption will continue increasing to great degree.

According to the statistics, using 1 ton of scrap can save 1.7 tons of fine iron ore, which also decreases the exploit of 4.25-ton raw ore. Scrap is renewable resources, the periodic is 8-30 years, is re-used unrestrictedly. Melting steel directly using scrap can save the energy by 60%, save water by 40% and cut down the exhaust-emission by 86% plus the waste water by 76% and waste residue by 97%.

 (From Alibaba)