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Chinese steel scrap prices reach 9.5-year high

Robust demand and bullish market sentiment have seen Chinese steel scrap prices keep on strengthening, with Mysteel’s steel scrap price index reaching a 9.5-year high on April 28 of Yuan 3,435/t ($530.7/t) on delivery and including the 13% VAT, higher by Yuan 65/t on week or by Yuan 190.2/t on month.
“The main reasons behind the rising prices of steel scrap are the roaring demand for feeds among domestic steelmakers and the continuing strength of finished steel prices,”a Shanghai-based market watcher commented.“Also, the rise in scrap prices has shadowed the increase in prices of other steelmaking raw materials such as iron ore and coke,”she added. As of April


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