WEEKLY: China ferrous scrap prices stable before CNY

Chinese prices for ferrous scrap saw little fluctuation during the past week as the domestic scrap market gradually quietened ahead of the Chinese New Year holiday over February 15-23, Mysteel's latest survey showed.

As of February 13, Mysteel assessed China's composite steel scrap price largely steady on week at Yuan 2,429/tonne ($351.6/t) including the 13% VAT, dipping by a minimal 0.1% from a week earlier. Both domestic supply and demand for steel scrap materials have significantly shrunk recently, Mysteel Global noted. During February 9-13,