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WEEKLY: Chinese steel scrap prices down, stocks up

ABSTRACT

China's domestic steel scrap market continued to head downward last week, with the decrease largely attributed to the recent softening of domestic steel prices and prices of other raw materials such as iron ore, as well as mills' reduced appetite for ferrous scrap, according to Mysteel's latest survey.
As of June 24, Mysteel's steel scrap price index had edged down by Yuan 348.7/tonne ($52.1/t) on week to Yuan 3,351.41/t on delivery and including the 13% VAT, the data shows, a fall which mimicked the slippage in domestic steel prices. Besides, the close correlation between scrap and iron ore

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