China's scrap price stable against ferrous price falls

Despite Chinese prices of some ferrous commodities such as finished steel and iron ore showing signs of weakening recently, the country's steel scrap market has so far been rather stable, supported by the continuing supply tightness and firm demand, Mysteel Global noted.

As of April 25, Mysteel's steel scrap price index remained stable at Yuan 3,900.2/tonne ($596/t) on delivery, nudging down by a tiny Yuan 4.9/t on week, while in contrast, the country's national price of HRB400E 20mm dia rebar had decreased by Yuan 56/t on week to Yuan 5,060/t, both