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UPDATE: Near 50% of domestic EAF mills resume operation

As of February 26, less than half of China’s independent electric-arc-furnace (EAF) producers sampled in a new survey by Mysteel had resumed operations after the Chinese New Year (CNY) holiday over February 11-17. Though steel demand from users has revived and margins have improved, that the percentage is not higher is being blamed in part on the mills’ continuing struggle to source sufficient scrap.
According to the survey of 60 independent EAF mills nationwide published last Friday, 48.3% had returned to work, which was only slightly higher than the level of 46.6% still in operation in the week just prior to the CNY holiday. After the CNY break, domestic steel prices have increased significantly while steel scrap prices have been


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