Steel scrap stocks at qualified China yards up 3.5% MoM

The stocks of processed and unprocessed steel scrap held by China’s 291 licensed steel scrapyards had reversed up by 3.5% on month as of December 25, according to Mysteel’s latest survey. Chiefly responsible for the recovery were an increase in processing activity and the scrapyards’ determination to hold off selling in response to strengthening scrap prices.

As of December 25, the scrap yards – all qualified by the country’s Ministry of Industry and Information – were holding 1.3 million tonnes of processed and unprocessed scrap, some 3.5% higher from end-November and reversing two months of declines. Within the total, inventories of steel processed scrap were higher by 7.9% on