WEEKLY: China's ferrous scrap prices dip despite firm demand

Chinese prices for steel scrap continued to nudge lower last week in tandem with those of finished steel, even though demand for steel scrap from domestic steelmakers stayed resilient, the results of Mysteel's latest survey showed.

On May 29, Mysteel assessed China's composite steel scrap price at Yuan 2,519/tonne ($372.3/t), slightly lower by Yuan 5/t or 0.2% from a week earlier, while the country's national spot price for HRB400E 20mm diameter rebar had also edged down 0.3% on week to Yuan 3,423/t by the same