WEEKLY: China's ferrous scrap prices soften, mills' stocks rise further

Steelmakers in China generally cut their purchase prices for steel scrap during the week ended December 31 to ease the narrow margins on steel sales they were incurring, the results of Mysteel's latest survey showed.

For example, Shagang Group – the country's largest electric-arc-furnace (EAF) steel producer based in East China's Jiangsu province – announced a Yuan 30/tonne ($4.3/t) reduction in its steel scrap buying prices for all grades on December 29, as Mysteel Global reported. Consequently, on December 31, the last day before China's