WEEKLY: China ferrous scrap prices climb further, demand recovers

Chinese prices for ferrous scrap continued to edge up in the past week as demand for steel scrap recovered strongly with the resumption of many mini-mills, while scrap supply remained relatively tight, Mysteel's latest survey showed.

As of March 6, China's national composite steel scrap price was assessed by Mysteel at Yuan 2,452/tonne ($355.5/t) including the 13% VAT, higher by Yuan 19/t or 0.7% from a week earlier. During March 2-6, the combined steel scrap consumption by the 300 blast furnace (BF) and electric-arc-furnace (EAF) steelmakers