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China steel scrap price likely to stay high in August

The slight firming of China’s steel scrap market is likely to continue and should keep domestic scrap prices hovering at a relatively high level, market watchers said Thursday, observing that scrap availability will remain a little tight for the time being. However, they noted that the thinning margins that steelmakers are earning on their finished steel should prevent scrap prices from jumping higher.
Over the past month, domestic scrap prices have generally held firm, with Mysteel’s scrap price index increasing by Yuan 30.7/tonne ($4.4/t) on month to Yuan 2,542.1/t on delivery and including the 13% VAT as of July 31, Mysteel’s data shows. “I don’t think the domestic scrap market will decline to any

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