WEEKLY: China's ferrous scrap demand remains lukewarm after holiday

Steel scrap demand from Chinese steel producers did not show any sign of strengthening last week, even though market trading activity resumed as the country's eight-day National Day holiday ended on October 8, Mysteel's latest survey results showed.

Both blast furnace (BF) and electric-arc-furnace (EAF) steelmakers in China became more cautious about production entering this month as they saw their profit margins narrow further, as Mysteel Global reported. The total steel scrap consumption by the 300 BF and EAF steelmakers under Mysteel's tracking averaged 559,680 tonnes/day during October