WEEKLY: China ferrous scrap prices, demand both retreat

Chinese prices of ferrous scrap decreased marginally during the past week despite the strengthening of finished steel products prices, Mysteel's survey showed. The demand for scrap materials among steelmakers showed signs of weakening, according to the survey.

As of April 17, China's national composite steel scrap price had dipped 0.1% from a week earlier to Yuan 2,478/tonne ($363.5/t), while the national spot price for HRB400E 20mm diameter rebar had edged up 0.9% on week to Yuan 3,353/t, both including the 13% VAT, according to Mysteel's tracking. During