WEEKLY: China's ferrous scrap prices strengthen, demand tepid

Chinese prices for ferrous scrap picked up during the past week in parallel with the strengthening steel prices, though steelmakers' demand for scrap materials remained tepid, Mysteel's latest survey showed.

As of October 31, China's national steel scrap price came in at Yuan 2,442/tonne ($343/t) including the 13% VAT, slightly higher by 0.3% from a week earlier, and the national spot price for HRB400E 20mm diameter rebar gained 1.3% on week to reach Yuan 3,260/t by the same day,