In the past week, scrap prices in the Chinese domestic market have trended down in general, most obviously in eastern and central China. At the same time, the transaction volume in the given week increased as compared to previous weeks.
At present, the average heavy melting scrap (HMS) price in China stands at RMB 3,392/mt ($538/mt), down $7/mt week on week. Local scrap prices in China can be viewed in the SteelOrbis price reports section.
Scrap prices in China have decreased in line with the downtrend of the steel market, and accordingly traders have been more active in lowering their inventory levels than before. In this context, the scrap purchasing activities of the steel mills have increased. However, traders in the domestic scrap market still lack optimism for the future. Overall, it is expected that Chinese scrap prices will continue to trend down in the coming seven days.