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WEEKLY: China steel scrap prices hit over 7.5-y high

Mysteel’s steel scrap price index increased by another Yuan 24.8/tonne ($3.8/t) on week to Yuan 2,718.6/t on delivery and including the 13% VAT as of November 27, a new high since April 2013. The steelmakers’ continuing firm demand for raw materials was what drove the price to rise, market sources said.
“Despite the volatility of domestic steel prices recently, most steel mills can still enjoy some profits, and that’s encouraging them to keep their production steady,”a Mysteel analyst responsible for the latest weekly survey said. As of November 26, the average capacity utilization rate among the 71 independent electric-arc-furnace (EAF) steelmakers sampled in the survey increased for

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