WEEKLY: China's steel scrap prices, stocks both increase

The recovery in domestic steel prices and the steady demand for feed materials from steel mills led ferrous scrap prices across China to keep rising during June 26-30, with Mysteel's steel scrap price index edging up by Yuan 13.7/tonne ($1.9/t) from June 26 to reach Yuan 2,957.5/t on delivery by June 30 including the 13% VAT.

Last week, domestic finished steel prices increased further, with the uptick lending some support to steelmaking raw materials prices including those of steel scrap. As of June 30, China's national average price of HRB400E 20mm dia rebar under Mysteel's assessment, for example, had gained by a large Yuan 54/t