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WEEKLY: China steel scrap prices down on fundamentals

ABSTRACT

China's domestic market for steel scrap softened last week, with Mysteel's steel scrap price index edging down by Yuan 38.4/tonne ($5.6/t) on week to Yuan 3,869.2/t on delivery and including the 13% VAT as of May 13. Market watchers cited weakening steel prices and loosing steel scrap supplies for the dip.
"Some scrap traders noted the domestic mills' frequent cuts to steel scrap procurement prices and so sped up their pace of deliveries to mills, fearing further price declines," a Shanghai-based market watcher disclosed.   For example, Shagang Group, China's leading electric-arc-furnace (EAF) steel producer, cut its steel scrap buying price twice last

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