China's ferrous scrap prices moved up sharply over the past week due to tight supply, eating into the profits of mills that operate electric-arc furnaces.
Fastmarkets' price assessment for steel scrap heavy scrap domestic, delivered mill China was 2,480-2,560 yuan ($350-361) per tonne including value-added tax on Friday May 8, up by 70-150 yuan per tonne from 2,330-2,490 yuan last Thursday.Sources attributed the increases...