During the week ending August 12, prices in the main local steel scrap markets in China have either been stable or declined slightly, while overall transaction activity has remained slow. Average scrap prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
During the given week, influenced by some weakness in finished steel prices, steelmakers in many regions of China have reduced their purchase prices for scrap, while scrap supplies arriving at their facilities have been at low levels. Scrap supplies have been tight in Hebei Province, providing support for prices there. Scrap traders are mostly uncertain regarding the future prospects for the market and prefer to sell off their inventories. It is thought that scrap prices in the Chinese domestic market will indicate a slight downtrend in the coming week.