Activity slackens further in local Chinese steel scrap market

During the week ending February 3, local steel scrap prices in the Chinese market have continued to indicate a decreasing trend, while transaction activity has remained at low levels, slackening further. Average scrap prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
 
During the given week, more traders halted their trading activities due to the approach of the Spring Festival holiday (February 18-24), resulting in a further decline in scrap transaction volumes. The weak prices and sluggish demand in the scrap market have negatively affected sentiment among traders. It is expected that scrap prices in the Chinese domestic market will remain on a stable trend in the coming week amid scarce activity ahead of the holiday.