Despite a modest rebound in Chinese crude steel production in mid-to-late November, domestic scrap prices failed to climb in tandem with robust output. In fact, heavy melt scrap benchmarks have fallen RMB120/ tonne ($20/tonne) to RMB1,920/tonne ($312/tonne) over the past month. MBR believes Chinese mills promptly responded to stronger scrap prices in early November by scaling back new orders and consumption rates in the basic oxygen steelmaking (BoS) vessels.
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