CHINA SCRAP: Prices pick up on strong demand, tight supply

Chinese ferrous scrap prices moved up over the past week on strong demand and tight supply, but market participants do not expect prices to rise further due to the upcoming rainy season, when downstream consumption typically slows.

Fastmarkets' weekly price assessment for steel scrap heavy scrap domestic, delivered mill China was at 2,550-2,630 yuan ($360-371) per tonne on Friday June 5, up by 30-70 yuan per tonne from a week earlier.
Scrap yards had sold fewer cargoes to mills in the week before last because of low prices, which were said to be in a range of 2,520-2,560 yuan per tonne.

Therefore,...

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