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WEEKLY: 4-week rise in Chinese mills’ scrap stocks ends

Steel scrap stocks at the 61 Chinese blast furnace (BF) and electric-arc-furnace (EAF) steel plants which Mysteel checks reversed down by 2.2% or 56,300 tonnes on week to 2.56 million tonnes as of August 6 after rising for the prior four weeks. Survey respondents largely attributed the decline to steelmakers’ strong demand for scrap at a time when scrap deliveries to mills from suppliers were slower.
The existing stocks could sustain these steel mills’daily operations for 11.5 days on average, or 0.3 day shorter than the prior week. “As the wet season ended in East and South China, finished steel demand has improved, prompting domestic steel mills to ramp up production,” a Shanghai-based market analyst said, adding that this had boosted

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