WEEKLY: China ferrous scrap prices firm, mill stocks keep swelling

China's steel scrap prices edged up further last week as domestic steelmakers maintained steady procurement of scrap materials, even though the mills' immediate demand for the feed declined. On February 6, Mysteel assessed China's composite steel scrap price at Yuan 2,432/tonne (350.5/t) including the 13% VAT, higher by 0.5% from a week earlier.

With the Chinese New Year holiday over February 15-23 fast approaching, steelmakers were actively building up scrap stocks to make sure they have sufficient feed materials to maintain normal production during the holiday, Mysteel Global learned. Some mills raised their steel scrap buying prices to attract more deliveries from scrap