China ferrous scrap prices plunge on destocking

China's domestic prices for steel scrap decreased over the past week on bearish sentiment and destocking by sellers, market participants said.

Fastmarkets' weekly assessment of steel scrap heavy scrap domestic, delivered mill China, was 2,530-2,660 yuan ($357-375) per tonne for the week ended March 27, down from 2,630-2,740 yuan per tonne a week earlier.
Steel prices dropped over the past week leading to a pessimistic outlook for ferrous scrap markets, sources said.

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