WEEKLY: China's ferrous scrap prices drop further

Chinese prices of steel scrap continued to head south but at a faster rate during the past week, pressured by the further weakening of demand for scrap materials among domestic steelmakers, Mysteel's latest survey results showed.

On July 10, Mysteel assessed China's composite steel scrap price at Yuan 2,474/tonne ($365/t) including the 13% VAT, lower by 1.3% from a week earlier. Chinese blast-furnace (BF) and electric-arc-furnace (EAF) steelmakers both reined in production during the week in response to thinning profit margins and waning steel demand among