During the week ending April 8, prices in the main steel scrap markets in China have continued their rising trend, while transaction activity in the market has also shown improvement. Average scrap prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
Chinese steelmakers have raised their scrap purchase prices as they seek to replenish their inventories. Meanwhile, both steelmakers and traders in China have increased their selling prices for semi-finished steel, with a positive impact on scrap prices. In addition, improvements in consumption of finished steel may lead small steel producers who had suspended production to resume their production operations, and this would also provide a certain degree of support for prices of scrap. It is expected that scrap prices in the Chinese domestic market will indicate upward movement in the coming week.