Following the overall price decline in the previous week, Chinese scrap prices have generally remained unchanged in the past week, though prices have dropped by a small margin in just a few areas. However, buyers and sellers are more and more inclined to adopt a-wait-and-see stance and there has been a slight decline in transaction activity.
As of February 29, average scrap transaction prices are standing at RMB 3,392/mt ($538/mt), unchanged week on week. Local scrap prices in China can be viewed in the SteelOrbis price reports section.
Driven by the rebound in domestic iron ore prices and improvements in the European market, the scrap prices of Chinese traders have stopped their declining movement. The traders are optimistic on the prospects for the Chinese scrap market in the coming period. It is expected that Chinese scrap prices will maintain a stable trend in the week ahead.