MONTHLY: Retreat in China's ferrous scrap prices to slow in December

After sliding steadily last month, Chinese prices for ferrous scrap will still face downward pressure in December as the country's ferrous market fully enters the traditional winter lull, according to Mysteel's latest report on the market. However, prices will regain some support from the resilient demand for steel scrap, it noted.

At the end of November, China's national steel scrap price was assessed by Mysteel at Yuan 2,409/tonne ($341/t) including the 13% VAT, lower by 1.3% from a month earlier. Last month, steel scrap suppliers accelerated sales to reduce their scrap stocks at hand, which provided steelmakers with leverage to negotiate