WEEKLY: Growing demand drives up China ferrous scrap prices

Chinese ferrous scrap prices continued firming last week, albeit at a slower pace, driven by the growth in steel scrap demand from both blast furnace (BF) and electric-arc-furnace (EAF) steelmakers, according to Mysteel's latest survey.

As of February 14, the country's national composite steel scrap price was assessed by Mysteel at Yuan 2,547.92/tonne ($351.2/t) including the 13% VAT, higher by a small Yuan 1.5/t from February 8, a substitute workday after the Chinese New Year (CNY) holiday. With more EAF mills restarting operations after the