During the week ending November 26, prices of steel scrap in China have mostly been stable, while transaction activity has been slack. Average scrap prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
In the given week, Chinese steel mills have not resumed their scrap purchasing activity as their inventories are at sufficient levels. Accordingly, traders have preferred to adopt a wait-and-see stance at the current time, while prices in the scrap market have remained stable. In the meantime, the sideways trend in the semi-finished steel market in China has been providing a certain degree of support for the stability of scrap prices. Traders have stated that some oversupply may be seen in the steel scrap market in China as steel mills have slowed down their buying activities over the past two weeks. It is thought that Chinese domestic steel scrap prices will likely trend sideways or move down slightly in the week ahead.