During the week ending May 28, the Chinese domestic steel scrap market has indicated significant decreases, while activity in the market has remained slack. Average scrap prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
A degree of chaos surrounds steel scrap offers in the local Chinese market, with some confusion reigning among both buyers and sellers. Under pressure from steel producers, scrap prices have declined sharply in the past week. Given the ongoing downtrend in the finished steel and semi-finished steel markets, it is expected that Chinese domestic steel scrap prices will continue to decline in the coming week.