CHINA STEEL SCRAP: Mills snap three weeks of price increases

China's domestic ferrous scrap prices lost their upward momentum over the past week amid a weakening of the downstream steel market, snapping three weeks of increases for the steelmaking raw material.

But market participants are not expecting scrap prices to decrease further until China's week-long break from October 1 to mark its National Day.
Fastmarkets' weekly price assessment for steel scrap heavy scrap domestic, delivered mill China was at 2,690-2,820 yuan ($397-417) per tonne last Friday September 18, down by 30-50 yuan per tonne from 2,740-2,850 yuan per tonne a week earlier.
Mills are seeking to lower their production costs due to this month's weakening of steel prices.

For instance,...

Bank of Japan boosts rates, continuing an unwinding carry trade

Gold stocks outperform equity market slide

Silver inventories rebound in UK, output from major producers rises

Silver's three-month outperformance continues

Silver & Copper Supply Distortions Continue