Scrap prices have declined again in China, amid pressure coming from the steel mills, while some traders have decided to withdraw from the scrap market for the time being. Production cuts by small steel mills and competition from low-priced iron ore have both negatively impacted demand in the Chinese scrap market. Despite insufficient supply of some scrap grades, this is not enough to provide support for the overall market.
Regarding the coming week, it is expected that prices of steel scrap in China will continue to drop down.