During the week ending February 10, local steel scrap prices in the Chinese market have indicated a stable trend in most regions, though slight downticks have been observed in Anyang and Zhangjiagang, while transaction activity in the overall market remains sluggish, slowing down even further. Average scrap prices in the local Chinese market can be viewed in the SteelOrbis price reports section.
With the Spring Festival holiday (February 18-24) drawing closer, most steelmakers have completed replenishing their scrap stocks and so transaction activity for scrap is now almost stagnant. Most traders have suspended their business activities and have started their holiday. New bookings are scarce in the market, with only a few deliveries being carried out for previously booked orders. It is expected that scrap prices in the Chinese domestic market will remain on a stable trend in the coming week.