WEEKLY: China's ferrous scrap prices edge up despite falling demand

Chinese prices for ferrous scrap strengthened during May 6-9, in parallel with the rise in prices for finished steel products, the results of Mysteel's latest survey showed. The tight supply of scrap materials also underpinned the prices, according to the survey.

On May 9, a substitute workday in China after the May Day holiday over May 1-5, Mysteel assessed the composite steel scrap price higher by 0.9% from May 6 at Yuan 2,501/tonne ($267.8/t), while the national spot price for HRB400E 20mm diameter rebar had also increased by 0.9% to