AP Wire | 02/01/2004 | Demand, prices for scrap metals on the rise: “A published report points to China’s demand for raw materials and its booming economy as contributors to double-digit increases in the price of domestic steel. The report said China now consumes a third of the world’s output of rolled steel.
‘China is the sleeping giant,’ Calandra said. ‘Its appetite for scrap and raw materials is voracious.’
Competition from China is pushing up prices everywhere. Data show that domestic steel prices this month are up by about 12 percent from December.”