During the week ending August 5, prices in the main local steel scrap markets in China have shown an uneven trend, with declines seen in Tianjin and Anyang, while overall transaction activity has remained at low levels. Average scrap prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
During the given week, Chinese steelmakers have tried to lower their purchasing prices for scrap, while traders have been unwilling to match up steelmakers' activities. Currently, supplies in the local scrap market have been at low levels, providing a certain support for scrap prices. Meanwhile, bullish sentiment prevails in steel futures market, helping finished steel prices move stable. It is expected that scrap prices in the Chinese domestic market will indicate a stable trend in the coming week.