The weakening on China’s domestic steel prices since the start of August has not rippled to iron ore, but domestic steel scrap prices too because of the close correlation of the two steelmaking raw materials as well as their similar market near-term market outlook in that demand will soften from the domestic steel producers either with blast furnaces (BFs) or electric-arc-furnaces (EAFs).
has reiterated its determination to bring down steel output on year for 2021
and at the same time, many parts of the country including Sichuan, Guangxi and
Guangdong have been facing power supply shortage, which in all have lowered the
capacity utilization rates of BFs and EAFs, and by August 10, Mysteel’s steel