Electric arc furnace profitability was hindered amid tight steel scrap supply and construction off-season

According to SMM survey, as of July 2, the operating rates of 50 electric arc furnace-based steel mills across the country who mainly produce rebar was 29.26%, down 3.72 percentage points WoW; the capacity utilization rate was 30.6%, down 3.62 percentage points; the average daily output of rebar was 68,100 mt, down 8,100 mt.