During the week ending May 14, the Chinese domestic steel scrap market has continued to move in a downward direction. Average scrap prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
Although a minority of domestic steel mills have raised their purchase prices for certain grades of scrap, the overall weakness of the Chinese steel market has continued to influence the local scrap market where transaction prices are still trending down. At present, scrap traders are worried about the poor sales performance in the market. It is thought that the domestic steel scrap market in China will probably remain on a soft trend in the coming week.