WEEKLY: China's ferrous scrap prices stable, demand expands

Chinese prices for steel scrap faced downward pressure this past week as prices of finished steel products weakened, the results of Mysteel's latest survey showed. Nevertheless, firm demand for scrap materials among steelmakers lent some support to scrap prices.

On May 22, Mysteel assessed China's composite steel scrap prices largely stable on week at Yuan 2,525/tonne ($371.6/t), though the price was slightly lower by Yuan 5/t or 0.2% from a week earlier. On the other hand, the country's national spot price for HRB400E 20mm diameter rebar had dropped