WEEKLY: Steel mills’ scrap stocks hit near 1-year high

Steel scrap inventories at the 61 Chinese steel plants Mysteel monitors weekly comprising both blast furnace and electric arc furnace (EAF) steelmakers continued to rise to hit a near one-year high of 3.74 million tonnes as of January 9, the highest since February 1 last year. This represented a week-on-week climb of 160,200 tonnes or 4.47% and marked the tenth successive weekly rise, according to Mysteel’s latest weekly survey.
Survey respondents noted that deliveries to mills over the survey period had lifted stocks to a level sufficient to last the mills for 19 days of operation, 1.3 days longer than the prior week. During the same survey period, China’s domestic steel scrap price remained generally stable, with Mysteel’s steel


To read the full article take a free 7-day trial to Mysteel Global

+65 6653 8227