WEEKLY: China ferrous scrap prices edge up amid low supply

Chinese prices for ferrous scrap nudged higher during the first week after the Chinese New Year (CNY) holiday that ended on February 23, supported by the tight availability of scrap materials in the domestic market, Mysteel's latest survey showed.

As of February 28, a substitute workday in China for the CNY holiday, the national composite steel scrap price was assessed by Mysteel at Yuan 2,433/tonne ($354.7/t) including the 13% VAT, slightly higher by 0.2% from February 24. Most steel scrap processing companies had not resumed operations last week, so