WEEKLY: China's ferrous scrap prices seen staying rangebound

After experiencing steep rises earlier this month, Chinese ferrous scrap prices have started to retreat as the optimism previously observed in the market has tempered, Mysteel's data showed. Nevertheless, the prices are still supported by firm scrap demand from steelmakers, respondents to Mysteel's latest survey said.

On October 10, Mysteel's assessment of the country's composite steel scrap price touched a two-month high of Yuan 2,636.4/tonne ($372.6/t) including the 13% VAT, before subsequently declining by Yuan 32.9/t or 1.2% to reach Yuan 2,603.5/t as of October 12. Saturday was a substitute workday for China's National Day