During the week ending November 11, prices of local steel scrap in northern China have followed a slight downtrend, with slight rises seen in some regions in China, while overall transaction activity in the domestic market has improved and is now at decent levels. Average scrap prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
During the given week, finished steel prices in northern China have indicated a slight downtrend and so steelmakers in the region have been seeking to reduce their raw material costs, resulting in slight declines in local scrap prices. On the other hand, finished steel prices in southern and eastern China have moved on a comparatively strong trend, with a positive knock-on impact on demand and prices for scrap in the south and east. In the meantime, iron ore prices have been following a soft trend, exerting some negative influence on the scrap market. As for the coming week, it is expected that scrap prices in southern and eastern China are unlikely to see further rises, while the downtrend of prices in northern China will likely continue.