Downtrend continues in Chinese steel scrap market

During the week ending August 21, the Chinese steel scrap market has continued to follow a declining trend amid slow activity. Local steel scrap prices in China can be viewed in the SteelOrbis price reports section.     
 
Although some steel mills are purchasing scrap to fill holes in their inventories or are purchasing in line with their needs, most large steel producers are not active in concluding scrap purchases for now. In addition, traders are also cautious about making new scrap purchases. Many observers consider the current time to be the most difficult period for the overall steel market since the 2008 economic crisis. It is expected that the Chinese scrap market will continue to follow a soft trend in the coming week.