MONTHLY: China's ferrous scrap prices seen firming in February

After ending last month with modest gains, Chinese prices for steel scrap are expected to continue to firm overall in February, driven by steady restocking demand for scrap materials among steelmakers, Mysteel's latest report on the market suggests.

At the end of January, Mysteel assessed China's national steel scrap price at Yuan 2,417/tonne ($348.1/t) including the 13% VAT, higher by 1.1% from a month earlier, and by February 4 the price had strengthened further to reach Yuan 2,432/t. Some steelmakers have lifted their procurement of steel scrap recently