During the week ending August 14, the Chinese steel scrap market has continued to follow a soft trend, though with a slower rate of decline. Local steel scrap prices in China can be viewed in the SteelOrbis price reports section.
With international scrap prices trending up these days, prices of scrap in the Chinese domestic market have slowed down their declining movement. Influenced by Typhoon Haikui which hit Shanghai last week, some steel mills delayed their scrap purchases in the past week. Offers were still given but failed to attract any interest from buyers. As prices of the main steelmaking raw materials such as coke and iron ore are still on the decline, scrap prices in China are expected to continue to trend down in the coming week.