MONTHLY: China's ferrous scrap prices to lose ground in June

After strengthening overall during May, China's steel scrap prices are expected to track a little lower in June, Mysteel's latest market report on the commodity suggests. Finished steel prices are expected to weaken this month, which will soften ferrous scrap prices at a time when scrap demand among domestic steelmakers will merely hover at present levels, at best.

Last month, China's steel scrap prices were buoyed by tight supply and resilient demand, with the country's composite steel scrap price averaging Yuan 2,518/tonne ($372.4/t) including the 13% VAT over May 6-29, up 1.6% from the average price in April, according to Mysteel's assessment. Entering this month, the approaching summer