According to Mysteel's assessment, the Chinese domestic steel scrap price index rose for the third week from December 3-10, increasing another Yuan 64.1/ton ($10/t) for delivery inclusive of 13% VAT. Continued strong demand from domestic steelmakers and low scrap availability were the factors pushing the price up.
The slight recovery in spot steel prices recently and the higher steel margins among some domestic steelmakers have caused these mills to maintain a stable appetite for steel scrap. As of December 10, China's HRB400E 20 mm diameter rebar price rose 29 Yuan/t week on week to Yuan 4,827/t.
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