WEEKLY: China's ferrous scrap prices inch down further

China's steel scrap prices nudged lower during the past week, as mills suffering from lackluster end-user demand and severe operational pressure kept pushing for cheaper prices for the raw material, Mysteel's latest survey showed.

On October 16, Mysteel assessed China's composite steel scrap price at Yuan 2,444.4/tonne ($366/t) including the 13% VAT, down by Yuan 5/t on week. The same day, Mysteel assessed the national spot price for HRB400E 20mm diameter rebar at Yuan 3,319/t including the VAT, up by a small Yuan 3/t on week. Although the lower scrap prices seen