WEEKLY: China ferrous scrap prices stay firm as demand grows

Chinese prices of ferrous scrap edged up further during the past week as scrap demand among domestic steelmakers continued to expand, while prices of finished steel also firmed overall, Mysteel's latest survey showed.

On March 20, Mysteel assessed China's national composite steel scrap price at Yuan 2,495/tonne ($362.3/t) including the 13% VAT, slightly higher by 0.2% from a week earlier. Both blast furnace (BF) and electric-arc-furnace (EAF) steelmakers raised their production last week, leading to a marked increase in their steel scrap consumption,