WEEKLY: China's ferrous scrap prices weaken further

Chinese ferrous scrap prices continued moving downward during last week, mainly dragged by the fast decline in the steel prices, even though the scrap demand from steelmakers stayed stable, the results of Mysteel's latest survey showed.

As of October 18, the country's national composite steel scrap price was assessed by Mysteel at Yuan 2,573.1/tonne ($361.8/t) including the 13% VAT, lower by 1.2% on week. By the same day, China's national spot price for HRB400E 20mm diameter rebar had dropped by Yuan 162/t or 4.1% on week