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.