Chinese domestic steel scrap prices soften in some regions

The decline in domestic scrap prices owing to the recent bad weather has been accompanied by a similar price trend in the Chinese semi-finished steel market. In order to avoid the risks involved in holding high inventory levels, steel producers have been purchasing scrap only in line with their requirements. At the same time, scrap traders are also adopting a cautious approach in their operations. It is thought that Chinese domestic steel scrap prices will not indicate any big change in the coming week.