WEEKLY: China ferrous scrap prices recover, supply tightens

After softening over the previous two weeks, Chinese prices of steel scrap increased marginally in the past week, supported by tight scrap availability nationwide, the findings of Mysteel's latest survey showed.

On August 14, Mysteel assessed China's composite steel scrap price at Yuan 2,439/tonne ($361.7/t) including the 13% VAT, slightly higher by Yuan 4.4/t or 0.2% from the previous week. On the same day, the country's national spot price for HRB400E 20mm diameter rebar stood largely unchanged on week at