MONTHLY: China's ferrous scrap prices to soften further in August

China's steel scrap prices are expected to continue weakening this month, dragged down by shrinking demand among steelmakers and the weak price performance of finished steel products, Mysteel's latest market report on the commodity suggests.

Last month, China's steel scrap prices moved lower overall, with the country's composite steel scrap price index averaging 2,446/tonne ($362/t) including the 13% VAT in July, falling 2.5% from the average prices of June, according to Mysteel's tracking. As China's steel market remains in the traditional summer lull, the tepid