Northern China's scrap prices drop on Tianjin decrease

摘要

Domestic scrap prices have dropped by Yuan 30-50/mt ($5-8/ mt) in China's northern regions over the past few days in tandem with the retreat in rebar and billet prices. However, the market outlook has been mixed, with steel futures surging on Monday. Tianjin Pipe Group, the largest scrap consumer in the north of the country, announced a reduction of Yuan 30/mt in its scrap prices Monday.