MONTHLY: China ferrous scrap prices to weaken in November

Chinese prices for steel scrap are expected to come under pressure this month as demand wanes, according to Mysteel's latest report on the market. Production activities will likely decline among both blast furnace (BF) and electric-arc-furnace (EAF) steelmakers, it warns.

Domestic scrap prices stayed stable during last month, constrained by tight supplies and tepid demand in the country, Mysteel Global noted. At the end of October, Mysteel assessed China's national steel scrap price largely unchanged from a month earlier at Yuan 2,442/tonne ($342.5/t). Entering November, thinning profit margins are pressing