WEEKLY: Chinese ferrous scrap prices retreat further

Chinese prices for ferrous scrap continued to nudge downward during the past week, although scrap demand improved further as steelmakers lifted their output, Mysteel's latest survey showed.

China's composite steel scrap price stood at Yuan 2,477/tonne ($359.9/t) including the 13% VAT as of April 3, slightly lower by 0.2% from a week earlier, according to Mysteel's assessment. Most steelmakers in China, especially electric-arc-furnace (EAF) mills, were still suffering losses and so tried to shave input costs by