China's ferrous scrap market plummeted over the past three weeks due to destocking pressure on sellers coupled with low procurement rates among mills, which sent prices to their lowest in close to two years.
Fastmarkets' price assessment for steel scrap heavy scrap domestic, delivered mill China was 2,200-2,360 yuan ($313-335) per tonne including value-added tax last Friday April 10, down by 210-230 yuan per tonne from 2,430-2,570 yuan per tonne a week earlier.This is also 440-490 yuan per tonne lower than the assessment of 2,690-2,800 yuan per tonne at...