WEEKLY: China's ferrous scrap prices slide as demand falls

Chinese prices for steel scrap continued heading lower during the past week as demand for scrap materials among domestic steelmakers declined, Mysteel's latest survey results showed. The fall in prices of finished steel products also weighed on prices of the feed, according to the survey.

As of July 3, China's composite steel scrap price had dropped 0.7% on week to Yuan 2,474/tonne ($364.4/t), while the national spot price for HRB400E 20mm diameter rebar had slipped 0.9% from a week earlier to Yuan 3,280/t, both including the 13% VAT, Mysteel assessed. Electric-arc-furnace (EAF) steelmakers in China