As of February 29, average scrap transaction prices are standing at RMB 3,392/mt ($538/mt), unchanged week on week. Local scrap prices in China can be viewed in the SteelOrbis price reports section.
Driven by the rebound in domestic iron ore prices and improvements in the European market, the scrap prices of Chinese traders have stopped their declining movement. The traders are optimistic on the prospects for the Chinese scrap market in the coming period. It is expected that Chinese scrap prices will maintain a stable trend in the week ahead.