Decent transaction activity in Chinese domestic steel scrap market

During the week ending July 12, local steel scrap prices in the Chinese market have mostly indicated an upward trend, though remaining stable in some regions, while transaction activity in the overall market has been at decent levels. Average scrap prices in China's main markets are presented in the table below.
 
During the given week, the supply shortage in the domestic scrap market has not eased and so it has continued to provide support for scrap prices. Meanwhile, the rising trends in the finished steel, coke and iron ore markets have exerted a positive impact on the scrap market. Although bullish sentiment prevails in the finished steel, coke and iron ore markets, steelmakers want to control costs and so they will continue to exert pressure on scrap prices. It is thought that scrap prices in the Chinese market will likely move sideways in the coming week.

The above prices include 17 percent VAT

$1 = RMB 6.69