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WEEKLY: China’s steel scrap prices down, stocks up

China’s domestic steel scrap price index softened modestly to Yuan 2,602.1/tonne ($372/t) on delivery to steel plants and including the 13% VAT as of December 6, down another Yuan 2.4/t on week, amid the recent domestic steel price declines and the rise in scrap stocks among the domestic steel mills, according to Mysteel’s surveys.
“Steel scrap prices are closely following the domestic steel prices, and the significant plunge in domestic finished steel prices are eating up steel producers’ margins, forcing them to reduce operational costs including stocking up less raw material,” a Shanghai-based market watcher commented. Mysteel’s national average price for HRB400 20mm dia rebar,

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