WEEKLY: China ferrous scrap prices seen firming after CNY

After staying largely flat during the Chinese New Year holiday (CNY) over February 15-23, Chinese prices for ferrous scrap are expected to strengthen mildly in the coming week as demand for scrap materials among domestic steelmakers recovers, Mysteel's latest survey suggests.

On February 23, the average price of the 6-8mm common carbon steel scrap in the 45 Chinese cities Mysteel monitors was Yuan 2,092/tonne ($302.8/t) excluding the 13% VAT, unchanged from the last trading day before the CNY holiday. Steel scrap trading largely ceased during the past week as most scrap