WEEKLY: China's ferrous scrap price edge expands against hot metal

Chinese prices of ferrous scrap generally lost ground during the past week, prompting domestic steelmakers to use more scrap materials in production than hot metal for its stronger cost effectiveness, Mysteel's latest survey showed.

On November 21, Mysteel assessed China's national steel scrap price at Yuan 2,418/tonne ($340/t) including the 13% VAT, slightly lower by 0.1% from a week earlier. On the same day, the cost of making steel using ferrous scrap among integrated mills in East China's Jiangsu province averaged Yuan 2,183/t excluding