WEEKLY: China scrap prices firm on low mills’ stocks
Jul 06, 2020 17:00
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China’s domestic steel scrap market remained stable over the week of June 25-July 3, supported by the low stocks of scrap among steelmakers amid the seasonal decline in scrap supply. As of July 3, Mysteel’s steel scrap price index was at Yuan 2,508.2/tonne ($358.3/t) on delivery to mills and including the 13% VAT, up Yuan 5.1/t from June 28, a designated working day after China’s celebration of the Dragon Boat Festival over June 25-26.
As of July 2, steel scrap stocks at the 61 Chinese blast furnace (BF) and electric-arc-furnace (EAF) steel plants which Mysteel checks decreased for a third week by 18,700 tonnes on week to reach a one-month low of 2.27 million tonnes. The stocks would be able to sustain the mills