The firm demand of steelmakers led Mysteel’s scrap pricing index to strengthen to a 7.5-year high of Yuan 2,697.7/tonne ($409.2/t) on delivery and including the 13% VAT as of November 24, up Yuan 13.1/t on week or Yuan 120/t on month.
Going forward, Chinese scrap prices are seen staying high, as demand for scrap will remain firm and supply challenged by collection disruptions during winter.
