WEEKLY: China's ferrous scrap demand wanes further

Demand for steel scrap materials among Chinese steelmakers continued to weaken during the past week, Mysteel's latest survey results showed, as both blast furnace (BF) and electric-arc-furnace (EAF) mills were reining in steel production.

During October 20-24, the total volume of steel scrap consumed by the 300 BF and EAF steel producers under Mysteel's tracking slipped 0.5% from the previous week to 553,780 tonnes/day on average. Domestic BF mills tended to reduce their use of steel scrap for upstream production since it remained more