China's steel scrap stocks at qualified yards still hover high

After rising strongly since March, inventories of ferrous scrap piled at scrapyards across China hovered around a seven-month high by late May, as domestic scrap processors maintained active operations in the past few weeks, the findings of Mysteel's latest survey showed.

Total stocks of processed and unprocessed steel scrap held by the 825 Chinese steel scrapyards qualified by the country's Ministry of Industry and Information Technology (MIIT) stood at around 1.5 million tonnes as of May 22, largely unchanged from a month earlier and higher by 4.6% compared with the