WEEKLY: China's ferrous scrap prices weaken further

Chinese prices for steel scrap continued to edge lower during the past week, pressured by the further decline in prices of finished steel products, Mysteel's latest survey results showed.

By June 26, China's composite steel scrap price had slipped 0.5% on week to reach Yuan 2,494/tonne ($366.8/t), while the national spot price for HRB400E 20mm diameter rebar had dropped 1.5% on week to Yuan 3,311/t, both including the 13% VAT, according to Mysteel's assessment. Waning demand among steel end-users