According to an April 8 report from China Daily, as the shipbuilding industry struggles to recover from the global recession, China's ship scrapping business has become a smorgasbord for both factories and investors. Ship breaking or ship demolition companies usually buy in vessels and sell the scrap to iron and steel companies nearby to book a profit. The price of iron and steel scrap has risen to more than $400 per ton from $150 per ton last year.
(Source: China Daily)