WEEKLY: Chinese ferrous scrap prices mark time

Chinese prices of steel scrap remained generally stable during the past week, even though lackluster demand for finished steel among end-users and mounting scrap inventories at mills gave more bargaining power to steelmakers in price negotiations, Mysteel Global learned.

On September 24, a substitute working day for China's National Day holiday over October 1-7, Mysteel assessed China's composite steel scrap price generally unchanged at Yuan 2,455/tonne ($365.7/t), lower by a miniscule Yuan 3.83/t or 0.16% from September 20. The lukewarm demand among steel consumers such as construction companies and