WEEKLY: China steel scrap prices firm on strong demand
May 25, 2020 16:30
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China’s domestic steel scrap market remained generally steady over the week of May 15-22 in terms of both demand and price, the findings of Mysteel’s latest weekly survey show. As of May 22, Mysteel’s steel scrap pricing index had edged up Yuan 7/tonne ($1/t) on week to refresh its two-month high of Yuan 2,446.9/t on delivery to mills and including the 13% VAT.
The healthier profit margins thanks in part to the increase in finished steel prices saw most steelmakers continue to energetically procure steel scrap, a Shanghai-based scrap market source observed. “Over the past week, some steel mills kept on raising their offers for scrap to secure larger quantities,” she observed.