During the week ending March 3, local steel scrap prices in the Chinese market have mostly indicated a stable trend, though softening slightly in the Tianjin market, while transaction activity in the overall market has not remained quiet. Average scrap prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
During the given week, only a few large scrap traders have concluded transactions, while most small scrap traders have not yet resumed their transaction activities. In Tangshan and Tianjin in northern China, steelmakers have reduced their purchase prices for scrap as semi-finished steel prices have indicated significant declines. Transaction activity for scrap is expected to recover gradually, while scrap prices are likely to come under some downward pressure due to the weakness of semi-finished and finished steel prices. As for the coming week, it is expected that scrap prices in the Chinese domestic market will fluctuate within a limited range, with some slight declines also possible.