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.

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