During the week ending October 21, prices in the main local steel scrap markets in China have mostly remained on a stable trend, though with some upticks seen in Tianjin, while overall transaction activity in the domestic market has been at decent levels. Average scrap prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
During the given week, some steelmakers in northern China have increased their purchase prices for scrap in order to attract greater volumes of the raw material, while steelmakers in other regions of China have kept their purchase prices unchanged. Meanwhile, sentiment in the semi-finished steel and iron ore markets has weakened, thereby also dampening sentiment in the local scrap market. Currently, market participants hold diverse views on the future prospects for the scrap market. It is thought that scrap prices in the Chinese domestic market are unlikely to see big changes in the coming week.