WEEKLY: Asian steel scrap prices continue rising
Nov 24, 2020 15:30
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Asia’s steel scrap market continued to witness an increase in prices in many regions over the week of November 13-20, with the uptrend mainly supported by firm demand from steel mills and tight scrap availability, Mysteel Global learned from the latest weekly survey.
In China, Mysteel’s steel scrap price index increased by Yuan 14.8/tonne ($2.2/t) on week to Yuan 2,693.8/t on delivery and including the 13% VAT as of November 20 to refresh its 7.5-year high. Strengthening steel prices and steelmakers’ firm demand for raw materials were what supported the price rise.