WEEKLY: Firm demand still supports China's ferrous scrap prices

Chinese steel scrap prices continued strengthening last week, albeit slightly, with steelmakers' demand for scrap materials expanding further, the results of Mysteel's latest survey showed.

As of September 20, China's composite steel scrap price was assessed by Mysteel at Yuan 2,417.9/tonne ($342.9/t) including the 13% VAT, higher by Yuan 10.5/t or 0.4% on week. More blast furnace (BF) and electric-arc-furnace (EAF) steelmakers across China restarted production from maintenance stoppages last week to chase the profits