WEEKLY: China's ferrous scrap prices soften despite higher EAF production

Chinese prices for steel scrap nudged lower further during the past week in tandem with the weakening of the prices for finished steel products, the results of Mysteel's latest survey showed.

As of June 18, the last working day ahead of the three-day Dragon Boat Festival holiday, China's composite steel scrap price had dipped 0.2% on week to Yuan 2,509/tonne ($370.6/t), while the national spot price for HRB400E 20mm diameter rebar declined by 0.9% from a week earlier to 3,361/t,