During the week ending July 10, the Chinese steel scrap market has been following a stable trend. As of July 10, the average price of heavy melting scrap (HMS) in China stands at RMB 3,117/mt ($494/mt), unchanged week on week. Local scrap prices in China can be viewed in the SteelOrbis price reports section.
With not many inquiries coming from customers and with no big orders seen, traders have not been very active in concluding deals for scrap. Market sources indicate that due to current hot weather conditions scrap availability is on the low side, and this has limited the room for downward movement of scrap prices. However, as steel mills are not very interested in purchasing high-priced scrap supplies, it is expected that the Chinese scrap market will not see any big fluctuations in the coming week, but will maintain its stable trend.