China qualified yards' scrap stocks at 14-month high

Inventories of ferrous scrap sitting in scrap yards across China rose last quarter as the yards were speeding up their collection of scrap materials to meet the resilient buying demand of steelmakers, the results of Mysteel's latest survey showed.

As of December 27, the total stocks of processed and unprocessed steel scrap held by the 584 Chinese steel scrapyards qualified by the country's Ministry of Industry and Information Technology had increased by 1.7% on month to reach 1.06 million tonnes, the results showed. Though the rise was tiny,