China's scrap price to fluctuate this week
China’s scrap prices fell slightly last week. Due to some resumption of electric furnace mills from maintenance, the operating rate rebounded slightly. However, the staggering electricity consumption in some areas has resulted in shortened production times of some electric furnace mills, so the capacity utilization rate of these mills has decreased.
Steel production in China remains high, and the scrap inventory is low, which supports scrap prices. Nevertheless, the demand for finished products is weak in the off-season, so the inventory is increasing. It was expected that the scrap price will fluctuate in a small range this week.
