During the week ending October 9, steel scrap prices in most regions of China have seen remarkable increases, with scrap collection prices in eastern China and northern China increasing by $15/mt or more. At present, the average heavy melting scrap (HMS) price in the main regions of China stands at RMB 2,713/mt ($432/mt).
After China's National Day holiday (Oct. 1-7), some Chinese steel mills have started to replenish their scrap inventories, resulting in increased demand for scrap supplies and upward movement in scrap prices. As for the future market, traders are mostly anticipating higher prices. It is expected that the uptrend in the Chinese steel scrap market will continue in the coming seven days.