MONTHLY: China ferrous scrap prices seen rising marginally in Feb

After swift drops in January, Chinese prices of ferrous scrap are seen strengthening in February, mainly supported by steelmakers' replenishment demand for the feed material after the Chinese New Year (CNY) holiday, according to Mysteel's latest report on the market. The scrap price increases will be limited under the pressure of slow recovery in downstream steel demand, however.

So far this month, the country's ferrous scrap prices have stayed largely stable because the market has yet to fully recover from the holiday mode. The national composite steel scrap price assessed by Mysteel came in at Yuan 2,546.64/tonne ($349.4/t) including the 13% VAT, as of February 7, up