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WEEKLY: China steel scrap price trends down, stocks up

ABSTRACT

Over October 15-22, China's steel scrap price index under Mysteel's assessment reversed from two weeks of inclines, down Yuan 36/tonne ($5.6/t) on week to Yuan 3,755.6/t including delivery and the VAT, mainly due to the recent domestic steel price fluctuation and the ongoing restriction on steel output, and steel scrap stocks at domestic steelworks rebounded too with traders' accelerating delivery for fear of further price declines, market sources said.
"Some steel mills cut their scrap procurement prices in tune with finished steel price drops so as to control their production costs," a Shanghai-based market watcher shared. Shagang Group, China's leading electric-arc-furnace (EAF) steelmaker in East China's Jiangsu province, for example, did cut its scrap buying price by Yuan 80/t

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