MONTHLY: China's ferrous scrap prices may soften in January

Chinese prices of ferrous scrap are likely to continue nudging lower this month as steelmakers easing back on production may cause scrap demand to shrink, Mysteel's latest report on the market suggests.

By the end of last December, China's national steel scrap price was assessed by Mysteel at Yuan 2,391/tonne ($342.4/t) including the 13% VAT, slightly down by 0.8% from a month earlier. Production among domestic steelmakers, especially the blast furnace (BF) mills, declined last month due to frequent curbs on their