WEEKLY: China scrap price up on mills’ thinning stocks

China’s domestic steel scrap price index under Mysteel’s assessment increased for the second week over July 2-9, or up another Yuan 10.4/tonne ($1.6/t) on week to Yuan 3,712.6/t including delivery and the 13% VAT, which was mainly due to thinning stocks at the Chinese steel mills and recovering domestic steel prices, according to market watchers.

As of July 8, steel scrap stocks at China’s 61 steel plants comprising both blast furnace (BF) and electric-arc-furnace (EAF) mills eased for the second week by another 235,900 tonnes or 7.7% on week to 2.82 million tonnes, or an eight-week low. Their daily steel scrap consumption remained largely stable at 3,918 t/d on