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WEEKLY: China's steel scrap prices rise, stocks fall

ABSTRACT

China's steel scrap market strengthened last week, with Mysteel's steel scrap price index increasing by Yuan 14/tonne ($2.1/t) on week to Yuan 3,907.6/t on delivery and including the 13% VAT as of May 6. Respondents attributed the price uptick to the continuing tightness of scrap supplies as well as the recently improved finished steel prices.
"The rise in Chinese steel prices and the improvement in domestic steel sales have encouraged steel producers to maintain normal production. Thus, firm scrap demand from mills – both for their immediate consumption and for build-up in inventories – has provided solid support to scrap prices," a market watcher explained.   As

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