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China’s domestic steel scrap market showed signs of weakening last week, with Mysteel’s steel scrap price index sliding by Yuan 40.1/tonne ($5.96/t) or 1.6% from the previous week to Yuan 2,593.9/t on delivery to steel plants and including the 16% VAT as of March 29.
“Domestic steel scrap priceswere on adowntrend over the week, mainly due to the notablerebound in steelmakers’scrap stocks,”a Shanghai-based scrap market analyst said Monday. “Prices are likely to continue to be rangebound this week, as pessimism will pervade across the whole steel scrap market for some time,”she predicted. As of March
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