WEEKLY: China ferrous scrap prices soften again

Chinese prices of steel scrap retreated during the past week in parallel with the weakening prices of finished steel products, Mysteel's latest survey showed. Scrap demand among domestic steelmakers remained resilient, however.

As of July 31, Mysteel assessed China's composite steel scrap price at Yuan 2,441/tonne ($361.5/t) including the 13% VAT, slightly lower by 0.1% from a week earlier. By the same day, the country's national spot price for HRB400E 20mm diameter rebar had slipped by 1.3% on week to sit