During the week ending September 23, prices in the main local steel scrap markets in China have indicated a downtrend in some regions of the country, remaining unchanged in other regions, while overall transaction activity has remained slack. Average scrap prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
Scrap prices in northern China have not continued their downward movement in the past week as scrap traders in the region have been unwilling to sell, while scrap prices in other regions of the country have continued to trend down as steelmakers have made limited purchases during the given week. The steel markets are characterized by bearish sentiment and this has negatively impacted the domestic scrap market. Since China's National Day Holiday (October 1-7) is approaching, steelmakers are expected to step up their purchases of scrap, which will likely provide some support for scrap prices. Accordingly, it is expected that scrap prices in the Chinese domestic market will move on a stable trend in the coming week.