Activity remains poor in local Chinese scrap market

During the week ending November 4, prices in the main local steel scrap markets in China have generally remained on a stable trend, though with some slight upticks seen in eastern China, while overall transaction activity in the domestic market has remained poor. Average scrap prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
 
During the given week, domestic steel producer Shagang Group increased its purchase prices for scrap, providing support for scrap prices in eastern China. In other regions of China, scrap transaction prices have remained stable. Currently, steelmakers are concluding purchases based on their own scrap inventory levels. As for the coming week, it is expected that scrap prices in eastern China will move on a slight uptrend, but will soften in in northern China as the cold weather affects activity.